Against the tide, one lead Italian designer doesn't back down!
In the fashion world, the winds have been changing. It will be good news to many loyal followers of Giorgio Armani.
The luxury brand named after the designer will continue to remain independent as reported in an interview on Oct, 18 on the business website Milano Finanza.
“I have always believed that economic independence was the fundamental principle to work in full freedom,” said Armani.
The 84-year-old Italian fashion giant claims he has been approached several times in the past to sell the huge Italian fashion house. However, he said he stood firm and "the answer is always the same".
This is against the trend of many major worldwide Italian fashion franchises being sold in the past two decades. First Gucci, then Fendi, and the latest was Versace, being sold to Michael Kors in September.
A number of Italy’s major luxury brands have been sold to foreign outfits in the past couple of decades, including Gucci and Fendi. The latest one is Versace, which was sold to U.S. group Michael Kors in September. However, Versace's followers have voiced their distaste of this deal.
Mr Armani acknowledged that the sales can hurt national pride, but this is an example of Zeitgeist.
“For these houses, the esprit is Italian: if that can be kept intact, then international groups are suitable".
Giorgio Armani generated worldwide sales of $2.6 trillion in 2017. And the lead designer himself is worth $9 billion. Meanwhile, we shouldn't expect the luxury brand going into anyone else's hands for now.
“I remain a supporter of independence”.
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