I was talking to my Italian language exchange partner today and she said she has been able to find places in Torino where last year's fashions of designers like Armani sell at a much lower price...she could buy a 2006 long dress for about 250 euro.
Knowing Armani, it would never really be out of fashion, some of the Armani basiscs can last for years, look as good as new, and never go out of style.
Of course one needs a good eye to pick up a well-fitting, classic cut, but if you look around enough, you can get yourself a bargain.