JOINT VENTURE GIORGIO ARMANI ERMENEGILDO ZEGNA A MADE IN

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					              JOINT VENTURE: GIORGIO ARMANI-ERMENEGILDO ZEGNA

               A ‘MADE IN ITALY’ PARTNERSHIP FOR THE WORLDWIDE
                      ‘ARMANI COLLEZIONI’ MEN’S BUSINESS


July 24, 2000 Milano – Following the recent announcement by Giorgio Armani S.p.A. concerning
the acquisition of production facilities from GFT Net S.p.A., the Armani Group and Zegna Group
announced today that they have entered into an agreement to create a joint venture company (51%
Armani and 49% Zegna) for the production and distribution of the ‘Armani Collezioni’ men’s line.

The new company’s objective is to maximize the potential of the ‘Armani Collezioni’ men’s brand
globally as well as the Mani USA men’s brand, making use of the significant industrial and
organizational strengths of both groups. Design and styling of the Armani Collezioni men’s line
will continue to be the responsibility of Giorgio Armani. The joint venture will benefit from the
integration of the respective logistic systems of both groups and thereby create distribution
synergies.

Mr. Giorgio Armani and Mr. Gildo Zegna will head the board of the new company. This new board
will be composed of key managers from each group.

Giorgio Armani, President and Chief Executive Officer of Giorgio Armani S.p.A. said: “I am very
pleased with this agreement, which brings together two prestigious Italian brands and creates a new
force in the international marketplace. Through this joint venture we aim to respond better to the
needs of our customers in terms of both product quality and product range.”

The Giorgio Armani Le Collezioni label was first introduced in 1979 with a men’s line, followed in
1980 with launch of a women’s line. Both lines were manufactured and distributed under licenses
with GFT. In February 1999, the Armani Group announced its intention to end the license for the
women’s collection, which from Autumn / Winter 2000 is being produced by the wholly-owned
company Antinea. Then, in March 2000, as part of its strategy to strengthen the label around the
world, the Armani Group announced that the men’s and women’s lines will be re-named Armani
Collezioni from the Autumn 2000 season. Today the Armani Collezioni men’s label is sold in 35
countries with world-wide wholesale sales of Lire 300 billion.

Gildo Zegna, Chief Executive Officer of Ermenegildo Zegna Holditalia said: “This is a new and
exciting challenge for us. The reputation and high standards of our partner and the strength of this
project give us great confidence in the potential for this partnership. We believe that this joint
venture will greatly strengthen the two groups.”

The Armani Group is one of the leading fashion and design groups in the world today. It designs
manufactures and retails fashion products, including apparel, accessories, eyewear, watches and
fragrances under a range of lifestyle brand names: Giorgio Armani, Armani Collezioni, Mani,
Emporio Armani, Armani Jeans, Armani Junior and A/X Armani Exchange. The group’s exclusive
retail network currently comprises 54 Giorgio Armani stores, 6 Armani Collezioni stores, 129
Emporio Armani stores, 54 A/X Armani Exchange stores, four Armani Jeans stores and two Armani
Junior stores in 33 countries.

The Ermenegildo Zegna Group is one of the world’s leaders in luxury fabric and men’s clothing. In
1999 the group’s consolidated revenues were 977 billion lire with more than 4,000 employees
world-wide and production facilities both in Italy and abroad. The Zegna Collection is distributed in
leading stores across 40 countries. Around 300 points of sale bear the Zegna brand and 60 of these
stores are Company owned.


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Contact:
                      Robert Triefus
                      Giorgio Armani S.p.A.                          Sergio Vicario
                      Tel: (39) 02 72318                             Ermenegildo Zegna
905                                                                  Tel: (39) 0348 9895170