Giorgio Armani now owns 100 percent of A | X Armani Exchange and plans to turn it into a fast-fashion brand for younger customers who have a taste for Armani — but not necessarily the budget. Armani previously owned 50 percent of the stake in A | X and purchased the remaining 50 percent this week.
According to Women’s Wear Daily, Armani did not provide any details about his new strategy, but his statement implies he is eager to take on the likes of H&M, Zara, Uniqlo, Mango and even Topshop.
The Giorgio Armani Group had an 18.2 percent increase in operating profits last year. The A | X brand has a strong foothold in the U.S. and operates 270 stores worldwide.