Stocks of major luxury brands are down on Sept. 4 as news broke that fashion icon Giorgio Armani has died at age 91.
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It is hard to overstate Armani’s impact on the world of fashion, perfume, and luxury goods. Widely credited with creating the power suit and known for dressing A-list celebrities for red carpet appearances, Armani presided over his own privately held fashion house for 50 years.
News of Armani’s death has sent stocks of luxury brands lower, including Tapestry (TPR), Capri Holdings (CPRI), and Burberry (GB:BRBY). Originally from Italy, Armani took Wall Street by storm in the 1980s with his line of suits, which were popular among men and women and became the ultimate symbol of wealth and status in corporate boardrooms.
Popular products from Armani also included sunglasses and cologne.
Hollywood Connections
In addition to Wall Street, Armani’s fashions appealed to Hollywood. He was known for designing dresses for celebrities that included Gwyneth Paltrow, Julia Roberts, Beyoncé, and Lady Gaga, as well as tuxedos for the likes of George Clooney.
Armani was active too in designing wardrobes for Hollywood productions, including films ranging from The Untouchables to The Wolf of Wall Street. He also had a hand in the iconic look of the 1980s television show Miami Vice. An Armani jacket worn over a pastel colored T-shirt by actor Don Johnson in Miami Vice created a sensation and was credited with revolutionizing casual attire.
Armani’s death has touched off speculation around succession at Armani Group. The fashion designer is survived by his sister Rosanna.
Is TPR Stock a Buy?
The stock of luxury brand Tapestry has a consensus Strong Buy rating among 17 Wall Street analysts. That rating is based on 13 Buy and four Hold ratings issued in the past three months. The average TPR price target of $114.94 implies 10.50% upside from current levels.
Read more analyst ratings on TPR stock