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Thursday, December 8, 2005 - Web posted at 7:19:27 GMT Armani to build in Dubai GIORGIO Armani, who started his fashion empire with an unlined jacket in 1975, is counting on a US$1 billion agreement to develop hotels with Dubai's Emaar Properties to help double sales at Armani Casa, his five-year-old home-wares business. |
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The first hotels are scheduled to open by 2008 in Dubai and Milan, and the designer will provide furnishings and amenities. "I know there will be a lot of hotels opening in Dubai, so I am going to have stiff competition," the designer says. Armani and competitors including Bulgari are expanding into hotels as travel demand revives, helping the 143 billion euros luxury-goods market rebound after three years of stagnation. Armani is working with Emaar Properties, a development venture backed by the Dubai government. Emaar is building the Burj Dubai tower, which will house an Armani hotel. Emaar will develop at least seven luxury hotels and three resorts in the next 10 years under the agreement with Armani. Both have created new divisions: Emaar Hotels and Resorts and Armani Hotels and Resorts. - Bloomberg |
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