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Updated Wednesday, May 25, 2011 11:09 am TWN, AFP

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Italian fashion firm Giorgio Armani reports rising profit and cash assets

MILAN -- Giorgio Armani reported rising profits and cash assets of 604 million euros (US$850 million) for his Italian fashion firm in an interview on Tuesday.

“We will continue to invest in a system built around the brands ... A multibrand system at the heart of the group which represents a unique model is one of the reasons for our success,” Armani told the newspaper Il Sole 24 Ore.

Armani said the model allowed him “to confront unexpected situations and seize major opportunities without asking anyone for anything.”

The fashion sector as a whole is still under heavy financial pressure in Italy and several major brands have been bought up by foreign investors.

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