ARGENTINA: New Armani Store Bucks Economic Trend
Armani has bucked the economic trend in Argentina by turning over $100,000 in its first three days of trading from its first store in the country, according to the country's La Nacion newspaper.
The first Argentinian Emporio Armani store opened its doors last weekend in an exclusive Buenos Aires location. $4.5 million has been invested in Emporio Armani by the Exxel investment group, which has a 15 year exclusive contract to market the brand in Argentina.
A survey carried out by Gallup prior to the investment revealed that the Armani brand was amongst those seen as most desirable by Argentinians. Exxel investment say that consumers who purchase Armani in Argentina are willing to spend up to 20 per cent more than they would in the US.
"We know we have a captive market. Prices are accessible for the market segment we are pursuing, with prices ranging from $78 to $470 for women and $85 to $890 for men," said Omar Carzino, general manager of Exxel group retail clothing division.
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