News: Armani plans India entry with four stores

(RTR 20/04/2006) Mumbai - Fashion house Giorgio Armani plans to enter India within 18 months, a senior official said on Thursday.

Armani's interest in Asia's third largest economy comes amid an aggressive expansion that saw the Italian designer opening 41 new shops globally in 2005 alone, with a push into growing Asian markets.

The company would find a strong clientele ranging from "businessmen to Bollywood stars" who already bought its labels, Francesco Tombolini, marketing and sales director for the group's Emporio Armani brand, said.

Armani would initially open two boutiques in capital New Delhi and two in the financial hub of Mumbai, he said adding, these shops together would make annual revenue of about 10 million euros.

Armani, whose range includes fashion accessories, apparel, jewelry and cosmetics, has 25 outlets in China and 55 in Japan.

In February, India allowed foreign direct investment of up to 51 percent in single-brand retail ventures.