Revenue at Armani Group rose 1.5% to €1.6 billion (£1.4bn) in 2008 compared to the previous year, however EBITDA dropped 14.6%.
Armani’s wholesale revenues, including licensed products rose 6.6% to €2.5bn (£2.2bn) over the period.
The group’s EBITDA dropped 14.6% to €303.2 million (£266.4m), compared to the previous year.The group made record levels of capital investment of more than €170m (£149.4m) in 2008 and opened 50 new stores bringing the global total to 539 shops. Armani Group had net cash of more than €370m (£325.2m).
Sales at the Emporio Armani brand rose 13%, Giorgio Armani sales were level, Armani Collezioni rose 2%, AX Armani Exchange rose 15%, Armani Jeans was up 7%, and Armani Junior saw the biggest rise up 36%.
President and chief executive Giorgio Armani said: “There is no doubt that 2008 has been a difficult year for the fashion and luxury market. Nevertheless, the good results achieved by the Armani Group bear witness once again to the strength of our brand and confirm the solidity of our successful business model. We continue to believe in our vision, our goals and our strategic choices, and this belief encourages us to maintain a long term view in any initiative we undertake.”