Italian vogue home Giorgio Armani managed to maintain its working revenue regular final yr and develop internet gross sales by 6 p.c at fixed currencies, regardless of a ‘single-digit’ slowdown in revenues within the second half which continued this yr.
The weakening in gross sales noticed by way of the primary six months of 2024 displays “an adjustment inside the luxurious market, particularly within the Asia ex-Japan area and the extra accessible phase of the provide,” Armani mentioned in a press release.
Armani mentioned the group had hiked retail costs solely modestly, regardless of larger inflation driving up prices, as a result of it remained targeted on medium-term objectives and wouldn’t use costs to inflate gross sales and margins within the meantime.
“We’re well-prepared to handle a market slowdown while not having to maximise year-on-year revenue in any respect prices,” Giorgio Armani, who turned 90 earlier this month, mentioned in assertion.
“I stay steadfast in my perception {that a} give attention to continuity and a realistic, constant method … is the one solution to navigate the challenges and uncertainties that characterise as we speak’s atmosphere,” Armani, who’s chairman and chief govt of the group he based, added.
Working revenue on the Milanese group, which makes greater than half of its revenues in Europe, totalled 215 million euros.
The family-owned group posted internet revenues of two.45 billion euros ($2.65 billion) final yr.
By Elisa Anzolin; Enhancing by Valentina Za
Be taught extra:
Are Luxurious Manufacturers Nonetheless Price It?
Luxurious’s outcomes ‘superweek’ underscored simply how far client demand has fallen. Macroeconomic gloom is a part of the issue, however there could also be deeper points with massive luxurious’s worth proposition.
