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Giorgio Armani positive despite dip in profits

Italian luxury fashion house Giorgio Armani posted a decline in both sales and profits for 2009.

Revenue was down 6% to €1.52bn (£1.27bn), down from sales of €1.62bn (£1.35bn) last year, with EBITDA plunging 28% to €218m (£181.7m), down from €303m (£252.4m) in 2008.

Giorgio Armani said that its outlook for 2010 was positive following strong results in the Chinese market and what the company described as “impressive resilience” to recessionary pressures. Revenue in China grew 32% on the previous year.

The fashion house’s chairman and chief executive Giorgio Armani said in a statement that the company is: “focused on the development and growth of our core lines and markets as to be in a prime position to take advantage of the global market’s recovery.”

“The first few months of 2010 have already shown a promising positive momentum,” he added. “Good results for 2010 to date indicate a positive year and demonstrate the strength of the Armani brand and of its mixed wholesale/retail business model.”

During the year, Armani, who is suffering from ill health, relinquished a certain amount of power, promoting Livio Proli to the role of general manager and John Hooks to deputy chairman. Both joined the board.

Giorgio Armani opened 182 new stores in 2009 and now has more than 1,500 Armani points of sale worldwide.

 

 

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