turnover of over 2 billion a year in advance – Corriere.it

Il Giorgio Armani group runs fast and exceeds the expected deadlines: the fashion house reaches the goal of returning by 2022 to over 4 billion in induced turnover and beyond 2 billion in direct turnover. The remarkable growth achieved in 2021, confirmed by the positive trend of the first half of this year, makes me cautiously optimistic – says the president and CEO Giorgio Armani (here is the interview he gave at 7 on July 1st 2022) commenting on the data for 2021 -. I am increasingly determined to continue on my medium-long term strategic path, following the principles that are the basis of my creative and business philosophy, and applying them to all aspects of our strategy. A solid and coherent approach that has proved valid also and above all in recent years, which are so complicated for our personal and professional lives.

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Earnings grow and the less is more strategy wins

In 2021 Armani recorded a consolidated net profit of 169.9 million, up 43% compared to the pre-pandemic levels of 2019, with an 8.4% incidence on net revenues, a value significantly higher even than the net profit achieved in the pre-pandemic 2019 (equal to 119 million, 5.5% on net revenues). It is confirmed – explains the company – the strategy centered on the less is more principle. In detail, consolidated net revenues reached € 2.019 billion, an increase of 26.3% compared to 2020 (-6.3% compared to 2019, but already higher than 2019 in the second half of the year). Net revenues from directly managed stores grew by 37%, representing over 50% of consolidated revenues. There was also a significant improvement in the net financial position – cash and securities -, which reached 1.12 billion (+ 21%). And net worth rises: 2.108 billion (2.01 in 2020).

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Peace of mind even in adverse scenarios

Consolidated net revenues in the first half of 2022 achieved a further, important growth compared to the first six months of 2021. Revenues, at current exchange rates, grow by 20% and now constantly exceed even the revenues of 2019, laying the foundations for a significant improvement in operating profitability, without prejudice to the risk, in the second half of the year, of a possible increase in recessionary impacts. My group has proven to be healthy, from an equity and financial point of view, concludes Armani – and this allows us relative peace of mind, even in the face of any further worsening of the scenario.

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