On rainy days, the GUM mall on Moscow’s Red Square swarms with tourists. Unfortunately for GUM, the hordes seeking shelter tend to do more looking than buying, in large part because the big-brand fashions there cost about 50 percent more than they do in Paris or London.
Bloomberg Markets’ inaugural list of the world’s richest people showcases the billionaires who pull the levers on the global economy. Their net worth totals $2.7 trillion, about the size of the gross domestic product of France, the fifth-biggest economy on the planet.
Giorgio Armani SpA , the Italian fashion company whose clothes are worn by celebrities including Angelina Jolie and Leonardo DiCaprio , said it opened its first stores in Mongolia and Vietnam as it seeks to tap Asian demand.
Giorgio Armani SpA and other co- investors plan to spend $150 million on the construction of a luxury hotel in the Stavropol region of the Russian Caucasus mountains, Kommersant said today, citing real estate officials.
Giorgio Armani SpA, the Italian fashion company whose clothes are worn by celebrities including Gemma Arterton and Ricky Martin, said profit fell 28 percent last year because of the recession in North America and Japan.