Giorgio Armani has been named top Italian fashion house.
Consulting firm Pambianco Strategie di Impresa compiled a list of the 50 greatest brands in the country that are private but have the requisites to go public.
As many Italian fashion firms are owned by their founders or their family, this leaves investors out in the cold.
Armani sits right at the top of the ranking, meaning it would be a lucrative investment if it ever hit the stock market.
Its annual sales for 2012 notched up an impressive $2.58 billion, shifting it up from second place, where it sat last year.
Ermenegildo Zegna Group came in at second place, while last year’s winner, Dolce & Gabbana, moved down to third.
Finishing off the top five are Milan cosmetics company Kiko and Stefano Ricci in fourth and fifth place respectively.
According to WWD, founder and head of Pambianco, Carlo Pambianco, revealed the rankings have no relevance with respect to actual performance.
Giorgio has previously spoken out about the importance of keeping Italy as the home for catwalk shows of brands from the country.
However, he has now slightly relaxed his attitude.
“While I still believe that all Italian brands should hold their fashion shows in Italy to give due prominence to our country, as an entrepreneur, I understand that certain situations, created over the years, need time to be reorganised,” he recently admitted.
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