Although a slew of fashion labels have gone public in recent months, Giorgio Armani has made it clear that his company will not be following suit. In fact, Armani has made a series of scathing criticisms against fashion companies who have compromised their creative licenses. Armani took his comments a bit too far in the opinion of Prada CEO Diego Della Valle when he said that IPO was causing fashion designers to create absurd product lines. Apparently, Giorgio Armani feels that he is one of the few designers that isn’t willing to sacrifice art for profits.
To his credit, Armani has been creating successful lines of mens and womens clothing for over 50 years. His company makes more than $1 billion a year, and his designs are have served as inspiration for numerous up and coming clothing companies. However, Valle feels that Armani is just bitter. His older age and the decline of his popularity may be seasoning his comments with negativity, in the opinion of Valle. Prada had become a household name long before the company went public, but ultimately the powers that be at Prada did decide to let shareholders make some of their biggest decisions.
Without Armani, many new designers would not have become successful, but there is a point at which his criticisms become overwhelming. In nearly every industry outside of fashion, company owners hope for the day that they will be able to attract major investors. Although Prada certainly has had to make concessions, especially in this economy, Giogio Armani may be better off worrying about his own fashion line.
