The Italian fashion group Armani Group closed the 2021 financial year with significant growth in sales and earnings. As the company announced on Wednesday, sales amounted to 2.02 billion euros. It rose by 26.3 percent compared to the previous year and exceeded market expectations. Total brand revenues grew by 23.7 percent to 4.06 billion euros.
The fashion house also made strong progress in terms of earnings: The operating profit (EBIT) amounted to 171.2 million euros, after an operating loss of 29.5 million euros had to be posted in 2020. Reported net profit grew from EUR 90 million to EUR 169.9 million (+89 percent). The surplus was thus significantly increased compared to the last year before the outbreak of the Covid 19 pandemic: in 2019 the Armani Group had only achieved a net profit of 119 million euros. Annual sales, however, missed the pre-crisis level by 6.3 percent.
Despite the consequences of the Ukraine war and the renewed outbreak of corona in China, the fashion house remained on course for growth in the first half of the current financial year. Sales exceeded the level of the same period last year by 20 percent and, according to the company, are now “consistently above the results achieved in 2019”. In view of the “remarkable growth in 2021” and the “positive development in the first half of the year”, founder, chairman and CEO Giorgio Armani was “cautiously optimistic” for the near future.