Armani rules out sales or listing

Designer Giorgio Armani yesterday ruled out selling or listing his company as it posted annual revenues up 4.6 per cent to €1.59bn (£1.4bn). Net profit jumped 81 per cent to €161m and cash was a record €604m. “I have always associated good cash liquidity with the concepts of independence and solidity,” said Armani, 76. He also did not exclude possible acquisitions.