Giorgio Armani on Prada.

Yesterday I found this little English excerpt from an Italian article in “La Stampa”. It’s a pity that the Italian version isn’t totally translated, because I feel like I’m missing out on other details that might have been interesting. Nevertheless it’s hard to comment on this article. I don’t necessarily think it’s bad to be critical, and Giorgio Armani certainly can afford being critical. But although the comments are far from being harsh, I always think it’s a little silly when two respectable companies quibble at one another (if that in fact, is what happened). I can imagine Armani being an old-fashioned (I am not talking about his designs, obviously) businessman, nobody can contradict that he runs a very tight ship. I think he does most of the business himself, it’s unbelievable to see that he still keeps on going at 76 and Armani is likely to be one of the most profitable fashion houses in the world. So yes, Giorgio knows what he’s talking about. But at Prada it’s all about taking risks and modernising, and from what I have read in the last couple of years, sometimes they were lucky, sometimes not so much. Nevertheless, Prada is a wonderful brand and I must confess Miuccia (granted, in collaboration with her husband) has made a hell of a job turning the non-commercial into commercial. They get positive coverage in the press because Prada, no matter what, always catches on, if not for its extreme quirkiness. I think both brands are amazing in their own right, but I wonder, should Giorgio know better?

(A picture from the Prada Fall Winter 2011-2012 Campaign)

“"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 Tuesday. "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." Asked if the comments were a reference to Prada’s move earlier this month to become the first top European fashion house to be listed on the Hong Kong exchange, Armani, 76, declared: "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." Armani said he preferred to remain independent, and had no plans to sell the 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." He said that Prada chief Miuccia Prada was "ingenious" for her "irony...and bad taste that becomes chic." But he complained that certain collections that are "sometimes ugly" always get positive coverage in the press. "You know why..." Prada refused comment.”

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