Sun. May 28th, 2023

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Armani Group’s annual revenues reached €2.35 billion in 2022, up 16.five per cent on final year, as the resumption of travel prompted a rebound across Europe and the US.

Revenues continued to climb in the initial quarter of 2023 — up 18 per cent year-on-year — the group, which owns Giorgio Armani, Emporio Armani and Armani Exchange, stated on Thursday. All sales channels grew: direct retail was up 17 per cent, wholesale up 16 per cent, and e-commerce up 9 per cent. Group EBITDA jumped 25 per cent to €289 million. “2022 ended with additional development that has continued into the initial quarter of 2023, additional solidifying the group’s soundness,” stated chairman and CEO Giorgio Armani in a statement. 

By area, Europe led the way final year — with a 24 per cent boost in complete-year sales in 2022 — followed by the US (up 19.five per cent). Revenues in Asia fell six.three per cent due to the Covid-19 restrictions and lockdowns in China. On the other hand, sales in Asia bounced back to develop 14 per cent in the initial quarter of 2023, reflecting the recovery observed across the luxury sector. Final week, Burberry reported a ten per cent rise in complete-year revenue thanks to its recovery in China. That identical week, luxury multi-brand retailer Farfetch stated it was seeing improvements in mainland China. 

Armani Group stated momentum in Europe continued into the initial quarter of 2023, with revenues increasing 22 per cent. On the other hand, development in the US slowed to ten per cent and is anticipated to decelerate additional in the coming months. LVMH also reported that business enterprise is “slowing down a bit” in the US in its Q1 earnings, while Burberry’s US sales fell 7 per cent in the identical period, and Kering’s North America sales dropped 18 per cent. Like its peers, Armani Group hopes the downturn in the US will be offset by the good trend in Asia.

Armani stated he was bullish about the group’s capacity to climate market place downturns. “The medium-extended term strategic path I have selected to undertake continues to prove efficient as is evidenced in the benefits,” Armani stated. “I am firmly convinced that operating with a vision aimed at continuity, following a concrete and constant strategy, centred on the values that have constantly underpinned my inventive and managerial philosophy, is the only way to face the challenges and unforeseen events that characterise the present worldwide situation.”

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