In 2004,Giorgio Armani,the Italian fashion group,announced plans to launch a $1 billion international luxury hotel chain containing ten hotels and four resorts before the end of 2015.
-Refer to Giorgio Armani.Since this was Armani's first venture into the hotel industry,what would it be an example of?

Question

Quizplus · Accepted Answer

Giorgio Armani's venture into the hotel industry is an example of diversification, which refers to a strategy of entering a new market with a new product or service that is different from the company's existing products or services. As a fashion group, launching a hotel chain is a significant shift in its business diversification.

In 2004,Giorgio Armani,the Italian Fashion Group,announced Plans to Launch a $1