I don't think he swings both ways. I think he is very hetro.

A lot of men, young men wear two earrings and bling, a lot of men wax and take care of their appearances, male grooming products sell very well. Cristiano Ronaldo comes into the man that likes to take care of himself and look good what is wrong with that? Wayne Rooney doesn't seem to go in for all that waxing and grooming there is nothing wrong with that either. Just because a guy likes to take care of his appearance doesn't make him swing both ways or towards other members of the same sex. Men that don't give importance to the way they look can also swing for both sides and to a member of the same sex. He will one day, lose the earrings and all the diamond bling.
Every woman has different taste when it comes to men. Some like clean shaven men, some like facial stubble on men, some like hairy chests, some don't. If you took a picture of him onto the streets and asked 200 woman if they think he is good looking you would get a mixed response.
I see him as more of a pretty boy than a good looking man that oozes sex appeal. Others will disagree. Maybe the way you see him has changed? Or what you class as good looking has changed? Or you like a different type of man now? It will be quite interesting to see which way Armani go with his image when they market him in their adverts next year.