The Giorgio Armani house is not doing so bad

The financial results for the year 2024 of Giorgio Armani's revenue have been released, and despite a 24% drop in profits, the group keeps its head high thanks to investments and projects that, according to the company's top management, should turn things around in the long term. While European luxury groups and conglomerates are facing major losses, with Kering now forced to sell some of its properties after heavy real estate expenses around the world, the Milanese fashion house remains confident in its business initiatives. Giorgio Armani’s Chief Commercial Officer, Giuseppe Marsocci, explained that the group chose not to raise prices excessively to offset losses and in response to inflation — something that has happened elsewhere. In 2024, the company’s revenue was €398 million, with net income down 5% to €2.3 billion. Europe continues to be Armani's main market, responsible for 49% of sales, which could explain the group’s commercial resilience during a time when the luxury sector is struggling under pressure from the U.S., due to tariffs imposed by Trump on imports, and from China, due to the country's drop in spending.

 

 

With €570 million in liquidity at the end of 2024, the brand expanded its investment plan, committing €332 million (double compared to the previous year) for a major project to renovate its stores and to privatize the management of e-commerce operations. Giorgio Armani, who turned 90 last year and is preparing to celebrate the fiftieth anniversary of his brand this July, did not attend the brand’s last show during Milan Fashion Week Men's SS26 due to health reasons. The final bow was taken by Leo Dell’Orco, head of menswear design for the house. Armani nonetheless co-signed the group’s financial results statement with Commercial Director Marsocci, who stated: «I am convinced that pursuing consistency and continuity and avoiding the pursuit of immediate gains is the best strategy to ensure long-term success. Thanks to this approach, in an increasingly complex and competitive global environment, I am proud to say that we have maintained the group’s independence and stability».