If you thought everyone in the fashion industry was impressed with Prada‘s multi-billion dollar listing on the Hong Kong Stock Exchange, you were wrong. Giorgio Armani dismissed rival Miuccia Prada‘s new business venture as nothing more than a clever way to cover up her debts. He also called her clothes ugly.
Armani told reporters during Men’s Fashion Week in Milan that most fashion today (including the work of Prada and Dolce and Gabbana) isn’t guided by artistic creation or even by what customers want. “Fashion is in the in the hands of the banks (and) the stock market,” he said, and as a result, a lot of the clothes that come down the runway look absurd. He said staying in the black ensures that’s not a problem for his company.
“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.” “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.”
Naturally, the Italian press has been thrown into what Women’s Wear Daily calls a tizzy — Armani, Prada and Dolce and Gabbana are all national treasures and global fashion phenomenons. To have one insulting the others is sort of a big deal. Especially when the insults are really, really insulting.
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…”
Word is both Dolce and Gabbana and Prada are refusing comment, but we’re guessing this won’t stop Miuccia from listing on the Hong Kong exchange, where shares of her company are expected to start trading tomorrow.