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Giorgio Armani brands Prada a circus controlled by banks Wednesday, 22nd June 2011During a press briefing on Monday Giorgio Armani made an unprecedented attack on his fellow Milanese fashion house.
Armani, founder of the eponymous brand told press Prada had become a circus controlled by banks, adding that the label had been forced to resort to an IPO to pay off its huge debts to Italian banks, which had been indirectly in control of the fashion house for some time.
The fashion designer, who is no stranger to rumours suggesting the sale of his label, this week insisted he had always remained independent from such financial ties:
''I do not need Thai investors at my door to tell me what to do'' said Mr Armani and he added ''There are many ways to make money these days and the Stock Exchange is one of the means. I do not care to have Thai managers in front of me to do business with them. I have always been independent and will remain so, otherwise, I would feel like I have given up becoming a loser''.
Armani closed the conference, which had gathered after his brand’s catwalk show at Men’s fashion week in Milan, by stating: ''I am on my own and I depend solely on my creativity and the creativity of my collaborators'.'