LDEN/033

IBS Center for Management Research

Giorgio Armani – The Businessman, the Designer and the Brand

This case was written by Shirisha Regani, under the direction of Sanjib Dutta, IBS Center for Management Research. It was
compiled from published sources, and is intended to be used as a basis for class discussion rather than to illustrate either
effective or ineffective handling of a management situation.

2005, IBS Center for Management Research. All rights reserved.

To order copies, call +91-8417-236667/68 or write to IBS Center for Management Research (ICMR), IFHE Campus, Donthanapally,
Sankarapally Road, Hyderabad 501 504, Andhra Pradesh, India or email: info@icmrindia.org

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 LDEN/033

Giorgio Armani –
The Businessman, the Designer and the Brand
"Armani is unique. He's the only designer in the world who has been able to combine real creative
genius with a tremendously astute business sense."
-Sara Forden, a Milan-based fashion observer, in 2001.1
"There's never anything hip or chic or tied to the moment in Giorgio's work -- it's truly timeless.
His designs aren't meant to be gazed at on a runway -- they're for people to wear, and to enhance
their own sense of natural elegance. Even if I'd never met him, I'd know from simply looking at his
clothes that he was an artist."
-Martin Scorsese, prominent Hollywood filmmaker, in 2004.2
"My philosophy has always been to help women and men feel comfortable and confident through
the clothes they wear."
-Giorgio Armani, in 2004.3
GIORGIO ARMANI – SUPERSTAR
It was the night of the 21st Annual Night of Stars, in late October 2004; a gala event organized in
New York by the Fashion Group International4 and attended by the biggest names in the world of
fashion. At the event, Giorgio Armani (Armani) was honored for lifetime achievement in the field
of fashion and conferred with the „Superstar Award‟.
While some people thought that receiving a lifetime achievement award marked the pinnacle of his
career (and signified its end), Armani was determined to prove otherwise. “Thanks for the kind
thought. But don‟t imagine that I‟m going to disappear, or that you‟ll get rid of me. I‟ll accept the
award, but I‟ll keep on generating ideas,” was Armani‟s response to the honor.5 He also said, “A
[lifetime] career award signifies closure or a conclusion, but I just want to be precise that it's not
my case. It's an important recognition, but honestly I would have preferred to receive an award for
the best collection.” 6
This response was typical of Armani, thought analysts. One of the top fashion designers in the
world, Armani showed no inclination to retire even after he celebrated his 70th birthday in 2004.
His clients included Hollywood stars, prominent socialites and members of the royalty. However,
his clothes were not confined to the upper classes alone. Over the years, Armani introduced several
sub brands that offered beautiful clothes at affordable prices, making them accessible even to the
„not so rich‟ classes of society.

1
“Last Man Standing,” Forbes, November 12, 2001.
2
www.martin-scorsese.net.
3
“Ever Armani,” The Age, July 16, 2004.
4
The Fashion Group International is a global non-profit association with a membership of over 6000
professionals of achievement and influence representing all areas of the fashion, apparel, accessories,
beauty, and home industries.
5
www.corriere.it.
6
Kaiser Amanda, “Coming to America: Armani Arrives in N.Y. With Plans for Growth,” Women's Wear
Daily October 25, 2004.

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 Giorgio Armani – The Businessman, the Designer and the Brand

Armani‟s fashion house, Giorgio Armani SpA, was one of the rare profitable organizations in the
extremely dynamic fashion industry, where trends and fortunes change overnight. The house had
been steadily profitable since it was set up in 1975. It was also one of the few stand-alone fashion
houses in an industry moving toward huge multi-brand luxury conglomerates. Armani‟s fashion
house had long resisted bids from bigger institutions like Moët Hennessy Louis Vuitton (LVMH)
and Gucci, who were eager to add the profitable brand to their portfolios. In addition, Armani was
one of the rare cases where a designer was also involved with the business side of his enterprise.

THE BEGINNINGS

Born on July 11, 1934, in the small northern Italian town of Piacenza, Armani had a difficult
childhood, growing up as he did during the Second World War. He initially aspired to become a
doctor and in pursuit of his childhood ambition, he attended two years of medical school at the
University of Bologna near Milan. However, he soon found that he was not cut out for the medical
profession – the sight of blood sickened him. In 1953, he was called to fulfill his military
obligations where, because of his medical training, he was assigned to the infirmary. His work at
the infirmary cemented his decision of dropping out of the medical line. Because he was often
alone in the infirmary, Armani spent a lot of time polishing his painting skills (which stood him in
good stead when he became a designer).
After completing his military service in 1954, Armani joined La Rinescente, Milan‟s largest
department store, as a window dresser. He was later promoted as a buyer, in which capacity he
made regular trips to London, where he sharpened his sense of style and fashion. In the early
1960s, he joined Nino Cerruti (Cerruti), a prominent fashion designer, as an assistant designer for
his men‟s wear brand, Hitman. Over the next few years, Armani took up freelance work for several
clothing companies (while still in Cerruti‟s employment). He even did some designing for top
fashion houses Ungaro and Zegna. The turning point in Armani‟s life came in 1966, when he met
architect Sergio Galeotti (Galeotti).
Galeotti had immense confidence in Armani‟s talents as a designer and encouraged him to set up
his own label. Eventually, in 1970, Armani left Cerruti and established his own freelance business.
He brought out his first line of men‟s wear under his own name in 1974. The designs became so
popular that he officially launched his own label, Giorgio Armani, in 1975 with the setting up of
Giorgio Armani SpA in Milan. Giorgio Armani SpA was set up with an investment of $100,000,
part of which was raised by selling Armani‟s Volkswagen car. In the mid-1970s, a greater number
of women began entering the work force and Armani was quick to tap this market. In 1975, he
brought out a women‟s wear line using men‟s fabrics, and this proved to be a huge hit. Analysts
later said that he was the pioneer of power dressing for women.

RISE TO FAME

Armani rose to fame with the introduction of his most famous innovation, the unstructured jacket 7,
in the late 1970s. Worldwide recognition came in 1980, when he designed Richard Gere‟s
costumes for the movie, American Gigolo. The movie‟s success gave him a strong foothold in the
US and facilitated the launch of the Giorgio Armani Corporation U.S.A., featuring lower-priced,
mass-produced copies of his custom-made clothes. Armani Emporio, another label based on the
same concept, was launched in 1981, followed by the launch of Armani Jeans. In the same year,
Armani received the prestigious „Neiman-Marcus Award for Distinguished Service in the Field of
Fashion‟. He created another milestone in 1982, becoming the first designer since Christian Dior in
the 1940s, to be featured on the cover page of Time. The first Armani branded perfume for women
was also brought out in 1982 and a men‟s perfume in 1984.

7
A loose and flowing jacket which had very little padding and stuffing in it.

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 Giorgio Armani – The Businessman, the Designer and the Brand

In 1985, Galeotti died of AIDS. Galeotti had been responsible for looking after the business aspects of
Giorgio Armani SpA, while Armani headed the creative side. Many believed that Galeotti‟s death
signified the end for the Armani house. However, they were proved wrong. Armani himself took over
the reins of the business. He later said he had no idea about how to run a business, and had to learn
everything after he took over. “I began the commercial side of my career almost as a joke,” he said.8
“When I lost Galeotti, I was forced to take care of all that he took care of before, the financial reports,
lawyers, contracts. Few people thought that I would succeed as a manager. So I began to learn the
language of lawyers. I wanted to continue a story I began with Sergio and the second, more personal
[reason] was for my own validation, my own self-respect,” he added.9
Over the 1980s and 1990s, Armani diversified into a number of products; sunglasses, watches, t-
shirts, swimwear, golf wear and socks – all formed a part of the Armani range. Armani also made
several strategic acquisitions, which helped him extend his product line. Some of his acquisitions
in the 1990s were: Antinea, a clothing company that manufactured lines for Emporio Armani, a 53
percent control of Simint, a casual-wear producer that made Armani Jeans, and the purchase of the
production facilities for his upscale brand, Armani Collezioni.
In 1996, Armani, as well as several other prominent Italian designers were convicted for bribing
tax officials in Italy, and a Milan court sentenced Armani to a nine-month suspended jail term,
besides ordering him to pay a fine. Armani later dismissed the matter, saying such things were
common when doing business in Italy. Despite being the most profitable Italian fashion house in
1998, Armani faced difficulties in the late 1990s and early 2000s, when much of the key talent in
his house defected to rivals. Some of the key defections were Matthias Vriens, the creative director
who took a job at Gucci in March 2000, and Armani's managing director and key deputy,
Giuseppe Brusone, in April the same year.
Despite these setbacks, Armani soon bounced back, and launched a new cosmetics range in 2000.
In the same year, Guggenheim Museum10 honored his work in the world of fashion by displaying
pieces from his collections of the last 25 years. Armani became the first fashion designer to be so
honored. In 2000, Armani was 66 years old and analysts expected him to announce his retirement
soon. With this in mind, several companies in the fashion industry (notably LVMH and Gucci)
made bids to buy his fashion house, but Armani rebuffed them all. “I decided to keep my
independence. I have the last stand-alone business in the sector,” he said.11
In 2001, the revenues of Armani‟s fashion business totaled $963 million and Forbes estimated his
personal fortune at $1.7 billion. In the early 2000s, Armani took up several new ventures,
including setting up stores in China and investing in Armani-branded hotels in partnership with
Dubai-based property developer, EMAAR Group. In the first half of fiscal 2004, the revenues of
Giorgio Armani SpA were $790 million. He was also the second largest selling designer for
„ready-to-wear‟ in the world (the top selling designer being Ralph Lauren of the US), with a
business valued at $1.7 billion.

SAVVY BUSINESSMAN

The general trend among fashion houses was to separate the creative side from the business side,
and there were few fashion houses in the industry in which a single person took care of both
aspects. Mostly, designers headed the creative departments, leaving the mundane aspects of
business to a professional manager. Often the managers were as influential as the designers,
notable examples of this being Patrizio Bertelli of Prada and Domenico De Sole of Gucci.
However, Armani was an exception to this trend, and was as successful a businessman as he was a
designer, (although he started out as a greenhorn in business). Commenting on Armani‟s success

8
Heller Richard, “Last Man Standing,” Forbes, November 12, 2001.
9
Dickey Christopher and Thomas Dana, “Armani after all,” Newsweek, September 3, 2001.
10
Solomon R Guggenheim Museum is based in New York.
11
Heller Richard, “Last Man Standing,” Forbes, November 12, 2001.

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 Giorgio Armani – The Businessman, the Designer and the Brand

as a businessman, The Economist wrote in 2004, “He has been a master at combining creativity
with commercial savvy.”12 His designing excellence combined with his business knowledge
resulted in Armani having one of the highest margins in the industry.
Armani followed a strict licensing policy, which allowed him to extend his brand without
cheapening it or diluting its value. He tied up with top players in each category to produce clothes,
accessories, and perfumes under his brand. He gave L‟Oreal the contract for manufacturing
perfumes and cosmetics; Luxottica, was given the license for spectacles; Fossil made Armani
branded watches and jewelry. Armani also kept strict tabs on his licensees, who were required to
discuss their business plans related to Armani branded products with him before they were
implemented. “No one looks after your name as you do yourself. My view is that a vertically
integrated approach, where we control all aspects of design, production, distribution and retail, is
ultimately the correct strategy for the long-term prosperity of the brand,” said Armani.13
Armani also followed a single brand strategy, going against the trend in luxury conglomerates of
acquiring and marketing multiple brands. Top fashion houses like LVMH and Gucci managed to
market a number of different brands in different categories, but Armani was a great believer in
consistency. Even as he diversified into different lines and ranges, he managed to keep all of them
linked under one brand. Analysts believed that this was one of the major reasons for his
profitability. Although multiple brands worked well for a group if they were successful
individually, more often than not, they proved to be white elephants. LVMH, which first started
the multiple brands trend in the 1990s and had over 50 luxury brands, was losing money with
Fendi, a Rome-based fashion house, and French fashion houses, Givenchy and Céline. Pinault-
Printemps-Redoute (PPR), another major fashion group, was also in debt, after it bought the Gucci
group for €7.214 billion in the early 2000s, and consequently got saddled with the loss- making
Yves Saint Laurent and Boucheron (jewelry) lines.
While it was generally believed that single brand firms were more exposed to risk in the fickle
fashion industry, Armani managed to hedge the risk by creating a niche for himself and
differentiating his products effectively. Analysts said that Armani‟s differentiation and competitive
advantage resulted from his minimalist style, which was timeless.
Armani was also amongst the first fashion designers to create several sub-brands under the parent
brand, to target different market segments. As in 2004, he had six major sub-brands, including the
super-exclusive Giorgio Armani range, to the slightly cheaper Armani Collezioni, Emporio
Armani, Armani Jeans, Armani Exchange, and Armani Junior. (Refer Exhibit I for contribution of
different sub-brands to wholesale turnover). He also had investments in interior design, coffee
shops, flowers and sweets, as well as a nightclub in Milan. In addition to this, in 2004, he tied up
with EMAAR, a Dubai-based property developer, to develop a chain of hotels in prime locations
around the world including Dubai, London, and Shanghai, under the Armani tag. Some analysts
commented lightly that true Armani-addicts might soon be able to purchase all their requirements
with an Armani tag if the designer continued to expand at the same rate.
Armani‟s brand management strategy combined exclusivity with accessibility, resulting in the
creation of a powerful brand that appealed equally to buyers of haute couture15 as well as people

12
“King of the Catwalk,” The Economist, September 30, 2004.
13
“Business Sense,” The Economist, March 4, 2004.
14
As in December 2004, 1.00 Euro equaled 1.33125 US Dollars.
15
Clothes that were made to order using the best available fabrics and hand sewing and embroidery were
called „haute couture‟, haute meaning „high‟ and couture meaning „sewing‟. These lines catered to a very
exclusive set of people who could afford the best possible in clothes. Analysts estimated that there were
only about 3000 women in the world who could afford haute couture and only about a 1000, who wore it
regularly. Armani did not actually adhere to the strict specifications of haute couture, but often made
customized dresses for his celebrity clients.

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 Giorgio Armani – The Businessman, the Designer and the Brand

who could not afford that degree of exclusivity. In this, Armani once again went against the
industry trend, which focused on exclusivity. Armani reasoned that the market for exclusive
products was not big enough to sustain a fashion house and that the real margins came from more
affordable products that would trade in volumes. Therefore, he made a conscious effort to reach out
to the lower segments of the market by providing less expensive Armani brands that were practical and
versatile. He was one of the few designers who gave as much importance to separates16 as he did to
dresses. “I design for real people. I think of our customers all the time. There is no virtue whatsoever in
creating clothing or accessories that are not practical,” he said.17 However, he was also one of the few
designers who actually made profits from his more expensive lines.
Hollywood also played a role in shaping Armani‟s success. As mentioned earlier, Armani first got
worldwide recognition when he designed for Richard Gere in American Gigolo. Since then, he was
closely associated with movies and designed costumes of several of them, including The
Untouchables, Shaft, and De-Lovely. Designing for the movies gave Armani‟s brand a great deal
of exposure and created an aspirational value for it. Several Hollywood actors were among
Armani‟s regular clients and he often designed clothes for them for grand events like the Oscar
Awards, which were seen by millions of people around the world. Analysts said the business logic
behind designing for actors was astounding, as it gave the brand instant recognition and created a
greater impact than any advertising campaign could.
Armani said that he had always been fascinated with movies and movie stars and was greatly
influenced by them. “Images of the stars arriving on that fabled red carpet have fascinated me
since my youth. Indeed, photographs taken on that incomparable night continue to influence styles
and trends of every era,” wrote Armani in the preface that he wrote for the book „Oscar Night: 75
Years of Hollywood Parties‟ by Vanity Fair editors Graydon Carter and David Friend.18
In September 2003, Armani made headlines when he designed clothes for celebrity doll „Barbie‟.
He designed a grey beaded gown that was inspired by a dress he created for one of his collections.
He donated the money from this project to causes like YouthAIDS19 and Room to Grow20.
What surprised many in the fashion industry was that despite the strong financial performance of
Giorgio Armani SpA and the high value of the Armani brand, Armani was not in favor of issuing
shares to the public. At a time when many major fashion houses were seeking external investors to
bail them out of financial difficulties, Armani believed that staying independent was the best
course for him. He said he did not want to be a minority shareholder in a company that he had
founded and wanted to be free to do what he deemed best for the house. “This is such a personal
business that you can‟t have shareholders who question why you have invested €1 million in a
runway show. And the stock market is so demanding. If you don't grow 20% every season, the
business collapses,” he said. 21

CLASSIC DESIGNER

Armani was known for his classic minimalist style, which eliminated unnecessary frills and
embellishments, to create clothes that were elegant in their simplicity. In contrast to some of his
fellow designers like Gianni Versace (Versace), who used bright colors and bold designs, Armani

16
Garments that could be mixed and matched to achieve different effects.
17
www.designfeast.com
18
Critchell Samantha, “Armani shocks with latest designs,” www.newsleader.com, November 9, 2004.
19
YouthAIDS was a global initiative that generated funding and awareness to help fight the spread of the
AIDS among the world‟s youth.
20
Founded in 1998, Room to Grow, a New York based non-profit organization was dedicated to enriching
the lives of babies born into poverty throughout their critical first three years of development.
21
Betts Kate, “Giorgio Armani,” Time, Winter 2004 Style & Design.

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 Giorgio Armani – The Businessman, the Designer and the Brand

preferred a neutral palette with simple cuts. He was of the opinion that fashion should evolve
rather than change drastically from year to year. He commented in 2003 that he had “always tried
to do things that are new but that can be combined with what you've already got in your
wardrobe.” Armani fans often said that his clothes never went out of fashion.
Armani said that he had always had a sense of style and presentation. He recalled a Christmas dinner
in his childhood, when his mother had decorated the dinner table with a large number of flowers. He
remembered asking her to remove some of them to create a better effect. The same applied to the
clothes he designed. He never used excessive ornamentation in his designs as he believed that too
many frills marred the beauty of a garment and overpowered the person wearing it. He also did away
with much tailoring superfluity (such as additional seams or padding) to make garments more
comfortable. Armani had the knack of immediately spotting it if something was wrong with a
garment. He would then set about correcting it. “I always knew when something was wrong, like a
fork out of place at the dinner table,” he said. “Later, I learned how to make it right.”22
Initially, fashion critics found Armani‟s designs too understated and many of them criticized his
excessive use of neutral colors like beige, grey, navy blue and black. However, the designs clicked
in the market and he soon became synonymous with understated elegance. He managed to create a
niche for himself and an identity for his distinctive style. His design philosophy was based on three
basic rules -- eliminate the superfluous, emphasize the comfortable, and acknowledge the elegance
of the uncomplicated.
Armani was also known for his innovations in designing. The „unstructured jacket‟, which he
created in the late 1970s, was his most innovative product ever. When Armani first began
designing, there was very little to be found in the way of men‟s fashions. Most of the men dressed
alike. Armani strove to change this. “Traditional clothing depressed me, and I wanted to
personalize the jacket, make it more closely attuned to its wearer.”23 He modified jackets by
eliminating all the stuffing and padding that was used to line them and making the design more
soft and fluid. The unlined jacket was more comfortable to wear and was more flattering than the
traditional one. The jacket was a huge success when it was launched, and encouraged by its
success, Armani introduced an unstructured jacket for women as well. Over the years, several
other jacket innovations followed, and Armani earned the sobriquet of “king of jackets”. (Refer
Exhibits II and III for Armani‟s jacket designs).
Armani was also known for abandoning the conventional techniques of making clothes. He used
unique combinations and unconventional fabrics to give his designs a different look. In, fact, it was his
pattern mixes that initially drew attention to his clothes. He also used rare colors – colors that people
often found difficult to describe. He achieved this effect by using a dense weave of five or sometimes
eight strands of different colors, which merged into a neutral shade when seen from a distance. He also
used men‟s fabrics for women‟s clothes and vice versa, to bring more variety to his designs.

TIMELESS BRAND

Armani‟s clothes, with their easy fits and classic lines, combined comfort with beauty and were
timeless in their appeal. Many analysts felt that the designer, who emphasized classic patterns, had
managed to create a brand that would transcend the founder himself. Many of Armani‟s fans said
his clothes inspired confidence in them and made them feel good about themselves. Hollywood
stars and millionaires, who regularly wore his creations, believed that the clothes gave them a
certain „presence‟, which, they felt, was otherwise lacking. Popular Hollywood actress, Sophia
Loren, a regular client of Armani, once said, “I face an audience, and I am full of doubts. But when
I wear his clothes, I have no more doubts”.24

22
“Silky Smooth,” The Tampa Tribune, November 26, 2004.
23
“Ever Armani,” The Age, July 16, 2004.
24
Caroline Frost, “Armani on Screen,” bbc.co.uk December 30, 2003.

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 Giorgio Armani – The Businessman, the Designer and the Brand

The Armani brand was highly protected and efforts were made to ensure that it was not diluted in
any way. From eyewear to golf equipment, all Armani branded products had a certain standard of
quality and an aura about them that set them apart from the work of other designers. Given the
popularity of the brand, it was not surprising that it inspired a great number of imitations, and the
market was flooded with fake Armani‟s. But a genuine Armani product was always a prized
possession. People were even known to buy Armani designs as collectibles and many of his buyers
retained their dresses long after they went out of fashion.
The Armani brand and its values were uniform around the world and people expected certain
attributes in an Armani branded object, no matter where they bought it. Armani recalled that when
he opened his first store in China he had the entry door painted red in Oriental fashion. But this did
not go down well with the customers and he had to remove it.

AFTER ARMANI

By 2004, Armani had not identified a successor to his fashion house. There was also a clear lack of
a second-in-command at the house. Even though Armani‟s sister and his two nieces were closely
involved with the business, analysts doubted that he would name any of them as his successor.
While some people admired Armani for remaining active and completely involved, even at the age
of 70, analysts began to increasingly feel that he was behaving in an arrogant and irresponsible
manner by not marking out a succession plan.
Analysts felt that arrogance was one of Armani‟s shortcomings. Most people who interacted with
him reportedly found him rude and unapproachable. He was also a complete workaholic, who kept
tabs on every aspect of the business. While this helped him overcome a number of obstacles that
would otherwise have jeopardized the house (such as the defection of some of the top people in
company), it made life difficult for those who worked with him. It was probably his complete
involvement in the business that made him reluctant to hand over control to someone else. Armani
was also known to fly into a rage when things did not go his way, and people hesitated to approach
him. “When he loses it (his temper), he's in a class by himself,” said one male model who worked
extensively for Armani. “The first time I caught one of his tantrums I thought I was going to pass
out.”25 His dislike for fellow designers Versace and Garavani Valentino was also well known and
hugely publicized.
Giving in to popular opinion, Armani announced in mid 2004 that he was working out a plan for
the house, although he “could continue to work for another 10 or 15 years”.26 He had, however,
realized that he had to prepare the house for a future without him. Then, in late 2004, he
announced that he planned to sell the business entirely, as he did not want to burden his family
members with the running of a 4500-strong fashion house. However, the sale would be conditional
to the buyer agreeing to allow the organization to retain its identity and to continue employing the
same core team.
After the announcement, analysts tried to identify some possible buyers, but were unable to come
up with suitable names in the debt ridden fashion industry. Many of the names that cropped up,
such as PRR, Prada, Hermes and Bulgari, either had too many debts, or were too small to acquire
Armani. Other prospective buyers included EMAAR, Armani‟s partner in hotels, and Chanel, a
major French fashion house.

25
Heller Richard, “Last Man Standing,” Forbes, November 12, 2001.
26
Betts Kate, “Giorgio Armani,” Time, Winter 2004 Style & Design.

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 Giorgio Armani – The Businessman, the Designer and the Brand

Exhibit I
Contribution of Different Sub-brands to Wholesale Turnover in 2003
Brand Wholesale Turnover (Percentage)
Giorgio Armani 30
Emporio Armani 27
Armani Collezioni 19
Armani Jeans 15
Armani Exchange 7
Others 2
Total 100
Source: www.giorgioarmani.com

Exhibit II

Men’s Suit Fall/Winter 1979-80

Source: www.guggenheim.org

Exhibit III

Women’s Suit Fall/Winter 1984-85

Source: www.guggenheim.org

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 Giorgio Armani – The Businessman, the Designer and the Brand

Additional Readings & References:

1. Et tu, Giorgio, The Economist, May 21, 1994.

2. Rossant John, Will A/X get the Ax? Business Week, May 30, 1994.
3. Thigpen David, You Look Good in Stripes, Time, October 10, 1994.
4. Tredre Roger, Suitable boys, New Statesman & Society, October 6, 1995.
5. Goldstein Lauren, Armani Looks Ahead, Time, June 19, 2000.
6. Dickey Christopher and Thomas Dana, Armani after all, Newsweek, September 3, 2001.
7. Designers Continue Home Push, Gifts & Decorative Accessories, October 2001.
8. Heller Richard, Last Man Standing, Forbes, November 12, 2001.
9. Orecklin Michele, Fashion Victims Unite, Time South Pacific, August 28, 2002.
10. Armani Barbie out in September, New Straits Times (Malaysia), August 4, 2003.
11. Caroline Frost, Armani on Screen, bbc.co.uk December 30, 2003.
12. Brand extension, with Jacuzzi, The Economist, February 28, 2004.
13. Business Sense, The Economist, March 4, 2004.
14. Catch a Celebrity, The Economist, March 6, 2004.
15. Betts Kate, Armani's House of Style, Time, March 7, 2004.
16. Bowman Jo, Armani eyes Shanghai for new hotel foray, Media Asia, March 12, 2004.
17. Designer Hotels, Meeting News, April 5, 2004.
18. A Supermodel and a Top Fashion Designer Tell Us Their Business Plans, Business
Week, April 14, 2004.
19. Balfour Frederik, Armani is Starting His Long March to China, Business Week, May 3, 2004.
20. Howarth Peter, The Iconic Italian Designer Shares His Wit and Wisdom, Business Week,
May 17, 2004.
21. Zargani Luisa, Armani Ad Reunion, Women's Wear Daily, June 11, 2004.
22. Giorgio Armani, Italian prince of fashion, turns 70, The Manila Times, June 11, 2004.
23. Ever Armani, The Age, July 16, 2004.
24. Most Powerful People in Business, Fortune, August 9, 2004.
25. Weil Jennifer, Armani's Back in Black with New Men's Scent, Women's Wear Daily,
August 27, 2004.
26. Kaiser Amanda, Cost Containment, Italian Style, Women's Wear Daily, September 20, 2004.
27. King of the Catwalk, The Economist, September 30, 2004.
28. Seeking Russian Gold: Despite Turmoil, Brands Rush to Booming Market, Women's
Wear Daily, September 30, 2004.
29. Kaiser Amanda, Armani Operating Earnings Jump 23%, Women's Wear Daily,
October 4, 2004.
30. Hay Carla, Hot Fashion …., Billboard, October 9, 2004.

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 Giorgio Armani – The Businessman, the Designer and the Brand

31. Kaiser Amanda, Coming to America: Armani Arrives in N.Y. With Plans for Growth,
Women's Wear Daily, October 25, 2004.
32. Milton Tina, Armani All over, Travel Retailer International, October/November 2004.
33. Critchell Samantha, Armani shocks with latest designs, www.newsleader.com,
November 9, 2004.
34. Silky Smooth, The Tampa Tribune, November 26, 2004.
35. Betts Kate, Giorgio Armani, Time, Winter 2004 Style & Design.
36. www.askmen.com.
37. www.martin-scorsese.net.
38. www.corriere.it.
39. www.lookonline.com.
40. www.fashionunited.nl.
41. www.designfeast.com.
42. www.bookrags.com.
43. www.guggenheim.org.
44. www.infomat.com.
45. www.giorgioarmani.com.

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