Latest news with #ArmaniGroup
Fashion Network
02-07-2025
- Business
- Fashion Network
Giorgio Armani slows in FY2024 with 6% revenue decline
Even Giorgio Armani has felt the effects of the global slowdown in fashion and luxury sales. In FY2024, the Armani Group reported consolidated net revenues of €2.3 billion, down 5% year-over-year at constant exchange rates and 6% at current exchange rates. Revenues from the direct retail channel fell more moderately, by 3% at current rates, despite several temporary store closures due to restructuring. Based on data from various specialized research firms, the company noted that this performance was in line with the 2024 industry average for fashion and luxury. 'In an international macroeconomic and geopolitical scenario marked by persistent tensions and high uncertainty, and despite the specific slowdown in the fashion and luxury sector, in 2024 the Armani Group also achieved solid and positive economic and financial results at the consolidated level, albeit down from the previous year,' the Italian company emphasized. The Armani Group reported record investments for the fiscal year, all fully self-funded, reaching €332 million—twice the amount spent in 2023 (€168.5 million) and nearly triple the typical annual investment in previous years. These funds went toward renovating key flagship stores, including the Madison Avenue location in New York, Emporio Armani Milano, Palazzo Armani, and the brand's new headquarters on Rue François 1er in Paris. The company also brought e-commerce operations in-house. Geographically, Europe again generated 49% of consolidated net revenues in 2024, maintaining its share from the previous year. The Americas accounted for 22%, while Asia-Pacific fell to around 19%, slightly down from 2023, primarily due to the slowdown in the Chinese market. Post-IFRS16 EBITDA totaled €398 million in 2024, marking a 24% decline from the previous year (€523 million). EBIT and net income before taxes (EBT) amounted to €67 million and €74.5 million, respectively—consistent with the EBITDA trend and reflective of the impact from numerous extraordinary investments made. The result reflects a mid-single-digit revenue decline alongside a slight 2.5% increase in operating expenses. The Armani Group's net cash and cash equivalents stood at €569.7 million at the end of 2024, compared to €945.6 million at the end of 2023. 'During 2024, although I was well aware of the market slowdown already felt in the second half of 2023 and the many critical issues arising from the international context, I continued to operate with an eye to the future,' Giorgio Armani, Chairman and CEO of the Armani Group, said in the statement. 'It is with this in mind that I have chosen in each case to invest in projects of great importance, both symbolic and concrete, which are fundamental for the company's tomorrow. In any case, 2024 closed with positive results, the result of sound and prudent management, further confirming the Group's solidity.' 'We opted for restrained pricing policies with increases below the rate of inflation and for a distribution oriented to quality rather than quantity, as shown by the stability of the number of points of sale, therefore without forcing and with selective criteria,' added Giuseppe Marsocci, Deputy Managing Director & Chief Commercial Officer of the Armani Group. 'Ultimately, the decision was to focus on product quality and customer experience, even at the cost of sacrificing margins in the short term, in the belief that this choice will make us more competitive when the market returns to growth.' 'I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run,' added Giorgio Armani, who is back from a convalescence after hospitalization at the end of June, which did not allow him—for the first time in 50 years—to attend in person the fashion shows of his two menswear lines in Milan, Giorgio Armani and Emporio Armani. 'It is precisely thanks to this approach, in an increasingly complex and competitive global context, that I can proudly say that I have maintained the Group's independence and stability.' (Exchange rate: €1 = $1.18)
Fashion Network
02-07-2025
- Business
- Fashion Network
Giorgio Armani slows in FY2024 with 6% revenue decline
Even Giorgio Armani has felt the effects of the global slowdown in fashion and luxury sales. In FY2024, the Armani Group reported consolidated net revenues of €2.3 billion (£2 billion), down 5% year-over-year at constant exchange rates and 6% at current exchange rates. Revenues from the direct retail channel fell more moderately, by 3% at current rates, despite several temporary store closures due to restructuring. Based on data from various specialised research firms, the company noted that this performance was in line with the 2024 industry average for fashion and luxury. 'In an international macroeconomic and geopolitical scenario marked by persistent tensions and high uncertainty, and despite the specific slowdown in the fashion and luxury sector, in 2024 the Armani Group also achieved solid and positive economic and financial results at the consolidated level, albeit down from the previous year,' the Italian company emphasised. The Armani Group reported record investments for the fiscal year, all fully self-funded, reaching €332 million—twice the amount spent in 2023 (€168.5 million) and nearly triple the typical annual investment in previous years. These funds went toward renovating key flagship stores, including the Madison Avenue location in New York, Emporio Armani Milano, Palazzo Armani, and the brand's new headquarters on Rue François 1er in Paris. The company also brought e-commerce operations in-house. Geographically, Europe again generated 49% of consolidated net revenues in 2024, maintaining its share from the previous year. The Americas accounted for 22%, while Asia-Pacific fell to around 19%, slightly down from 2023, primarily due to the slowdown in the Chinese market. Post-IFRS16 EBITDA totalled €398 million in 2024, marking a 24% decline from the previous year (€523 million). EBIT and net income before taxes (EBT) amounted to €67 million and €74.5 million, respectively—consistent with the EBITDA trend and reflective of the impact from numerous extraordinary investments made. The result reflects a mid-single-digit revenue decline alongside a slight 2.5% increase in operating expenses. The Armani Group's net cash and cash equivalents stood at €569.7 million at the end of 2024, compared to €945.6 million at the end of 2023. 'During 2024, although I was well aware of the market slowdown already felt in the second half of 2023 and the many critical issues arising from the international context, I continued to operate with an eye to the future,' Giorgio Armani, Chairman and CEO of the Armani Group, said in the statement. 'It is with this in mind that I have chosen in each case to invest in projects of great importance, both symbolic and concrete, which are fundamental for the company's tomorrow. In any case, 2024 closed with positive results, the result of sound and prudent management, further confirming the Group's solidity.' 'We opted for restrained pricing policies with increases below the rate of inflation and for a distribution oriented to quality rather than quantity, as shown by the stability of the number of points of sale, therefore without forcing and with selective criteria,' added Giuseppe Marsocci, Deputy Managing Director & Chief Commercial Officer of the Armani Group. 'Ultimately, the decision was to focus on product quality and customer experience, even at the cost of sacrificing margins in the short term, in the belief that this choice will make us more competitive when the market returns to growth.' 'I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run,' added Giorgio Armani, who is back from a convalescence after hospitalization at the end of June, which did not allow him—for the first time in 50 years—to attend in person the fashion shows of his two menswear lines in Milan, Giorgio Armani and Emporio Armani. 'It is precisely thanks to this approach, in an increasingly complex and competitive global context, that I can proudly say that I have maintained the Group's independence and stability.'
Fashion Network
02-07-2025
- Business
- Fashion Network
Giorgio Armani slows in FY2024 with 6% revenue decline
Even Giorgio Armani has felt the effects of the global slowdown in fashion and luxury sales. In FY2024, the Armani Group reported consolidated net revenues of €2.3 billion, down 5% year-over-year at constant exchange rates and 6% at current exchange rates. Revenues from the direct retail channel fell more moderately, by 3% at current rates, despite several temporary store closures due to restructuring. Based on data from various specialized research firms, the company noted that this performance was in line with the 2024 industry average for fashion and luxury. 'In an international macroeconomic and geopolitical scenario marked by persistent tensions and high uncertainty, and despite the specific slowdown in the fashion and luxury sector, in 2024 the Armani Group also achieved solid and positive economic and financial results at the consolidated level, albeit down from the previous year,' the Italian company emphasized. The Armani Group reported record investments for the fiscal year, all fully self-funded, reaching €332 million—twice the amount spent in 2023 (€168.5 million) and nearly triple the typical annual investment in previous years. These funds went toward renovating key flagship stores, including the Madison Avenue location in New York, Emporio Armani Milano, Palazzo Armani, and the brand's new headquarters on Rue François 1er in Paris. The company also brought e-commerce operations in-house. Geographically, Europe again generated 49% of consolidated net revenues in 2024, maintaining its share from the previous year. The Americas accounted for 22%, while Asia-Pacific fell to around 19%, slightly down from 2023, primarily due to the slowdown in the Chinese market. Post-IFRS16 EBITDA totaled €398 million in 2024, marking a 24% decline from the previous year (€523 million). EBIT and net income before taxes (EBT) amounted to €67 million and €74.5 million, respectively—consistent with the EBITDA trend and reflective of the impact from numerous extraordinary investments made. The result reflects a mid-single-digit revenue decline alongside a slight 2.5% increase in operating expenses. The Armani Group's net cash and cash equivalents stood at €569.7 million at the end of 2024, compared to €945.6 million at the end of 2023. 'During 2024, although I was well aware of the market slowdown already felt in the second half of 2023 and the many critical issues arising from the international context, I continued to operate with an eye to the future,' Giorgio Armani, Chairman and CEO of the Armani Group, said in the statement. 'It is with this in mind that I have chosen in each case to invest in projects of great importance, both symbolic and concrete, which are fundamental for the company's tomorrow. In any case, 2024 closed with positive results, the result of sound and prudent management, further confirming the Group's solidity.' 'We opted for restrained pricing policies with increases below the rate of inflation and for a distribution oriented to quality rather than quantity, as shown by the stability of the number of points of sale, therefore without forcing and with selective criteria,' added Giuseppe Marsocci, Deputy Managing Director & Chief Commercial Officer of the Armani Group. 'Ultimately, the decision was to focus on product quality and customer experience, even at the cost of sacrificing margins in the short term, in the belief that this choice will make us more competitive when the market returns to growth.' 'I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run,' added Giorgio Armani, who is back from a convalescence after hospitalization at the end of June, which did not allow him—for the first time in 50 years—to attend in person the fashion shows of his two menswear lines in Milan, Giorgio Armani and Emporio Armani. 'It is precisely thanks to this approach, in an increasingly complex and competitive global context, that I can proudly say that I have maintained the Group's independence and stability.'
Bloomberg
02-07-2025
- Business
- Bloomberg
Armani's Annual Revenue Hit by Slowdown in Luxury Industry
Italian fashion house Armani Group reported a 5 percent drop in sales last year after the luxury sector was hit by macro-economic uncertainty and slowing demand in China. The company, founded by Giorgio Armani in the 1970s, reported net consolidated revenue of €2.3 billion ($2.7 billion) for 2024, according to an emailed statement on Wednesday. Cash holdings slumped about 40% to €570 million, after renovations at many of the firm's flagship stores.
Kuwait Times
28-06-2025
- Entertainment
- Kuwait Times
Giorgio Armani misses Milan show for first time, but legacy endures
Head of the Men's Style Office of Armani Group, Pantaleo Dell'Orco, stands with models at the end of the Giorgio Armani collection show at Milan's Fashion Week Menswear Spring / Summer 2026.--AFP photos Italian designer Giorgio Armani missed his menswear show at Milan Fashion Week on Monday for the first time in his five-decade career, but his latest collection still carried his signature style. The 90-year-old fashion icon was absent due to an undisclosed health issue. A spokesperson for the fashion house said Armani remained involved in the creative process and watched the runway presentation via livestream. In his place, longtime menswear director Leo Dell'Orco took the final bow. Dell'Orco has worked alongside Armani for 45 of the brand's 50 years. 'He liked it,' Dell'Orco told reporters after the show. 'He was especially pleased with the coordinated looks for men and women.' Models walk the runway during the Giorgio Armani collection show at Milan's Fashion Week Menswear Spring / Summer 2026. Classic Armani with global touches The Spring/Summer 2025 collection featured familiar Armani elements: wide pleated trousers, lightweight unstructured jackets, and deep-V vests worn without shirts. Materials included raw linen, woven leather, suede and silk. Designs balanced simplicity and detail, with geometric patterns creating depth within a muted palette of desert tones, pale green, navy blue and charcoal. Rope belts and sandals added relaxed, coastal touches, while subtle exotic influences appeared in Nehru collars, tunics and kimono-style jackets. The set design echoed the Mediterranean theme, with blue lighting and obsidian stones creating a calm, minimalist backdrop. — Agencies
