Italy: Armani to resist potential acquisition

Italian designer Giorgio Armani stressed that his business was not for sale, despite French luxury groups have been busy buying out Italian fashion brands.

PPR, which owns luxury Italian handbag and shoemaker Gucci was well as French fashion brand Yves Saint Laurent, finalised its acquisition of Brioni this month, reviving market expectations of a new consolidation trend in the industry.

"The French are very aggressive, they are looking for fantastic brands with an established business and share markets," Armani said. "This is not over yet."

He added: “But I am not a financier like (PPR Chief Executive Francois-Henri) Pinault. I am a designer and a businessman.”

Armani, who has just opened a second luxury hotel with room prices ranging from 500 euros ($630) to 11,000 euros, said he was confident about 2012 despite economic turmoil.