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Armani sales increased 34% in China in the first half, US rebound

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July 26, 2021

Giorgio Armani’s sales could be next year before it fully recovers from the pandemic, but 34% in the first half of 2021 as businesses in China and the United States helped the Italian fashion group recover. It has increased rapidly.

Giorgio Armani-Spring-Summer 2022-Men’s Wear-Milan-© Pixel Formula

Chairman and CEO Giorgio Armani said on Sunday in a statement announcing 2020 results and January-June trends: “The goal is to return to pre-pandemic levels by 2022, with direct consolidated sales of € 2 billion. It’s over. “

According to the Luxury Group, consolidated net sales fell 25% last year to € 1.6 billion ($ 1.9 billion), most of which occurred in the first half of 2020.

Last year, a pandemic closed stores and virtually stopped international tourism, causing global luxury goods sales to plummet for the first time in years.

“The decline in revenue in 2020 should be read not only as a result of the pandemic, but also in line with Giorgio Armani’s own” less the more “strategic principle,” said Armani’s Deputy Managing Director Giuseppe Marsocci. Stated.

The Milan-based group hasn’t shown total sales figures for January-June, but this year’s strong sales trends have led to a much better profitability scenario for 2021. Said to show.

Overall last year, the Group’s consolidated net income was € 90 million, while its operating loss (EBIT) was € 29 million.

Also on Sunday, the financial position in the first half improved significantly, with net cash and cash equivalents of € 1.088 billion, “providing the financial resources needed for the Group’s medium- to long-term stability and growth.” Stated.

Speculation about Armani’s successor plans has recently emerged. Especially after the 87-year-old designer said he could consider partnering with another Italian company.

Earlier this month, sources told Reuters that John Elkann, a descendant of the Agnelli family in Italy, was exploring the possibility of a partnership as part of a plan to build a luxury conglomerate.

© Thomson Reuters 2021 All rights reserved.

Armani sales increased 34% in China in the first half, US rebound

Source link Armani sales increased 34% in China in the first half, US rebound

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