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September 23, 2012, Sunday
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Print Edition
GIORGIO Armani is to broaden his line of bags and shoes to meet the growing demand for easy-to-wear and timeless fashion items and boost the Italian designer's profit margins.
The unlisted Armani empire reported a 13.6 percent rise in revenues last year, helped by a 45 percent boost in China, the fastest-growing luxury market.
Sales of accessories are the fastest-growing sector in the luxury goods industry because they offer design pieces that fit wardrobes easily and can be worn for more than a season.
Accessories also drive profit margins because customer prices largely offset production costs.
"The only stores opening on the streets now sell accessories," Armani told reporters Thursday after presenting his Emporio Armani young line collection for next summer.
Armani said he expected accessories sales to account for up to 40 percent of global turnover in the near-term.
The unlisted Armani empire reported a 13.6 percent rise in revenues last year, helped by a 45 percent boost in China, the fastest-growing luxury market.
Sales of accessories are the fastest-growing sector in the luxury goods industry because they offer design pieces that fit wardrobes easily and can be worn for more than a season.
Accessories also drive profit margins because customer prices largely offset production costs.
"The only stores opening on the streets now sell accessories," Armani told reporters Thursday after presenting his Emporio Armani young line collection for next summer.
Armani said he expected accessories sales to account for up to 40 percent of global turnover in the near-term.
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