Giorgio Armani Opens First Stores in Mongolia, Vietnam to Tap Asian Demand
Giorgio Armani SpA, the Italian fashion company whose clothes are worn by celebrities including Angelina Jolie and Leonardo DiCaprio, said it opened its first stores in Mongolia and Vietnam as it seeks to tap Asian demand.
Emporio Armani boutiques opened in Ulan Bator, Mongolia and Ho Chi Minh City, Vietnam, where the clothier also added a cafe, the Milan-based company said today in two e-mailed statements, without saying when the outlets began trading.
Each country is “ready” for Italian fashion and design, Giorgio Armani, the closely held company’s founding president and chief executive officer, said in the statements.
Armani is seeking to diversify its geographic sources of revenue after profit fell 28 percent last year because of the recession in North America and Japan. The company follows LVMH Moet Hennessy Louis Vuitton SA in opening stores in Mongolia and Vietnam. Sales of luxury goods in Asia Pacific, excluding China, may rise 10 percent this year, Bain & Co. estimated in April.
Armani has 1,503 single-brand outlets worldwide.