MILAN (Reuters) – Italian style home Giorgio Armani managed to maintain its working revenue regular final yr and develop web gross sales by 6% 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 within the luxury market, especially in the Asia ex-Japan region and the more accessible segment of the offer,” Armani stated in a press release.
Armani stated the group had hiked retail costs solely modestly, regardless of greater inflation driving up prices, as a result of it remained centered on medium-term objectives and wouldn’t use costs to inflate gross sales and margins within the meantime.
“We are well-prepared to manage a market slowdown without needing to maximise year-on-year profit at all costs,” Giorgio Armani, who turned 90 earlier this month, stated in assertion.
“I remain steadfast in my belief that a focus on continuity and a pragmatic, consistent approach … is the only way to navigate the challenges and uncertainties that characterise today’s environment,” Armani, who’s chairman and chief government 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 web revenues of two.45 billion euros ($2.65 billion) final yr. ($1 = 0.9244 euros)
