The Giorgio Armani group keeps increasing its revenues in Korea
It’s been 20 years since the Italian Armani Group opened its first store in Korea, but, in doing so, it had to sign a partnership with Shinsagae International, an Asiatic company which is in charge of distribution for around 30 premium brands like Giorgio Armani S.p.A. and Dolce & Gabbana, and has about 200 stores in Korea.
In 1992 Armani group started its expansion in the Korean market, with the inauguration of the first Emporio Armani store together with it’s partner Shinsagae International. Today Giorgio Armani has a presence of 56 stores including the brands: Giorgio Armani, Armani Collezioni, Emporio Armani, Armani Jeans, Emporio Armani Underwear and Armani Junior.
Today the Giorgio Armani Group is a fashion and luxury goods company with more than 5,700 direct employees in 12 factories. This company designs, manufactures, distributes and retails fashion and lifestyle products from accessories to apparel, furniture and even hotels.
Therefore, Fabio Mancone, director of Global Licensing & Communication, announced that the group has managed to grow in a reliable business in Korea thanks to this partnership, sales have increased 20% each year and, as a result, the partnership will go on.
The relationship between these two companies is expected to duplicate the turnover in the next five years. During this year, the turnover was $71.88 million just in the Korean Market and in 2013 sales are expected to be $87.8 million.