NEW HOME: The Armani Group has secured a key location to enhance its retail network in Milan.
On Friday, the company won the bid for the rental of a 3,250-square-foot store in the city’s Galleria Vittorio Emanuele II. According to a statement released by the municipality of Milan, the fashion house beat the competition of Prada and Tod’s with an offer of 1.9 million euros a year to secure the 18-year lease of the space, which was formerly occupied by Italian telecommunications firm TIM.
The group already counts a store dedicated to Giorgio Armani accessories in the renowned shopping arcade, but the lease on that unit will expire in 2020. The company said the space will be dedicated to the Giorgio Armani line but has not disclosed which product categories will be available in the store.
The deal for the location came at the end of an auction that saw the offer raised 24 times after a starting price of 670,440 euros. This was the first time the municipality did not operate through a blind auction to sell leases in the arcade, given the unit’s prominent position, which overlooks the central octagon of the gallery.
“This is a virtuous example of how the ability
On Friday, the company won the bid for the rental of a 3,250-square-foot store in the city’s Galleria Vittorio Emanuele II. According to a statement released by the municipality of Milan, the fashion house beat the competition of Prada and Tod’s with an offer of 1.9 million euros a year to secure the 18-year lease of the space, which was formerly occupied by Italian telecommunications firm TIM.
The group already counts a store dedicated to Giorgio Armani accessories in the renowned shopping arcade, but the lease on that unit will expire in 2020. The company said the space will be dedicated to the Giorgio Armani line but has not disclosed which product categories will be available in the store.
The deal for the location came at the end of an auction that saw the offer raised 24 times after a starting price of 670,440 euros. This was the first time the municipality did not operate through a blind auction to sell leases in the arcade, given the unit’s prominent position, which overlooks the central octagon of the gallery.
“This is a virtuous example of how the ability