Browse all

Armani sales exceed pre-pandemic levels

Over 2 billion in revenue a year ahead of schedule

Armani sales exceed pre-pandemic levels Over 2 billion in revenue a year ahead of schedule

In 2020, Giorgio Armani had been the creative director and CEO of the eponymous group who had been most vocal about issues within the fashion system - production, collections, and seasonality were the issues mainly involved - wrote a letter that ended up in WWD. After an operating loss of 29.5 million due to the resulting store closures as the Covid-19 outbreak spread, the Armani Group has now said that revenues have increased 26 percent, approaching pre-pandemic levels and reaching its 2 billion revenue target ahead of expectations.

Sales continued to grow in 2022, up 20 percent in the first half of the year, and «now consistently exceed the levels achieved in 2019», the company told BOF. While not holding a candle to giants such as the LVMH Group - whose fashion division grew by more than 42 percent -the Armani Group has been busy repositioning its brand: since 2017, the company has been moving toward simplifying costs and building a more unified message, gradually discontinuing lines such as Armani Jeans and Armani Collezioni. «These results are even more encouraging when one considers that they have been achieved without exerting excessive pressure on sales opportunities, but rather by rationalizing the size of the collections [and] implementing a careful selection of the distribution network, in line with market needs and faithful to the brand's founding principle of 'less is more», the group's two deputy general managers Giuseppe Marsocci and Daniele Ballestrazzi told BOF.  

«I am also increasingly determined to continue on my medium- to the long-term strategic path, remaining faithful to the principles that have always been the basis of my creative and commercial philosophy and applying them to all aspects of our strategy», Armani added. The news of the Armani Group's revival comes at a time when there is speculation that the 88-year-old designer and fashion mogul may reach an agreement on a potential merger. Although the designer has repeatedly said he wants to keep his company completely independent, he told U.S. Vogue last March that the pandemic caused him to reconsider.