Monday, July 26, 2010

Vietnam:Giorgio Armani launches first stores to tap Asian demand


Italian fashion firm, Giorgio Armani SpA announced that, it has launched its first stores in Mongolia and Vietnam, with an eye to tap the Asian demands.

Emporia Armani boutiques were launched in Ulan Bator, Ho Chi Minh City in Vietnam and Mongolia. Armani already had a cafГ© operating in Vietnam.

Practically every nation is eagerly waiting and wanting to have the Italian design and fashion head, Giorgio Armani in to their markets, revealed a company’s founding president and chief executive officer.

Armani too on the other hand, wants to expand its geographic sources of revenues after profits declined by 28 percent last year, owing to economic downturn in North America and Japan.

The firm is following LVMH group, Moet Hennessy Louis Vuitton SA for opening stores in Mongolia and Vietnam. According to Bain & Company’s, a leading global business and strategy consulting firm, April estimates, luxury products sales in Asia Pacific, excluding China, is likely to increase by 10 percent this year. Currently, Armani has 1,503 single-brand outlets, across the globe.

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