>> After his menswear show Tuesday in Milan, Giorgio Armani denounced the fashion industry for being "in the hands of" high finance rather than the fashion houses themselves.
>> After his menswear show Tuesday in Milan, Giorgio Armani denounced the fashion industry for being "in the hands of" high finance rather than the fashion houses themselves. "I’ve wanted to say something about this for awhile, and now’s the time: Fashion is in the in the hands of the banks [and] the stock market," Armani told reporters. "It no longer belongs to the owners, but to those above them. I still haven’t been able to understand how the banks influence our line of work — it’s a mystery."
When he was asked whether his comments were a reference to Prada's recent IPO, Armani replied: "I don’t have debts. Instead, Prada’s problem is that they have to pay back the money that the banks spent to build up the brand." He noted that he preferred independence and had no plans to sell his company. "There are thousands of ways to make money. But for me, I don’t want to wind up having to knock on the door of some Thai managers to explain myself."
Armani also suggested that houses like Prada and Dolce & Gabbana make men look ridiculous, and blamed the press for not being more critical about clownish runway styles that men don't wear. Prada is "ingenious" for her "irony," he said, "and bad taste that becomes chic." But, certain Prada collections are "sometimes ugly," he noted, and stil always get positive coverage in the press. "You know why . . . " His clothes, meanwhile, he said make men look more handsome and elegant.
Both Prada and Dolce & Gabbana declined to comment.