The Italian fashion group Giorgio Armani SpA once again made significant progress in terms of sales and earnings in the 2022 financial year. This emerges from the latest figures published by the company on Thursday.
Accordingly, the Armani Group’s consolidated sales last year reached 2.35 billion euros, which corresponded to an increase of 16.5 percent compared to 2021. The fashion house owed the double-digit increase to strong growth in Europe (+24 percent) and America (+19.5 percent). In Asia, on the other hand, sales fell by 6.3 percent because the temporarily tightened protective measures against the Covid 19 pandemic in China affected business.
In the first quarter of 2023, sales will increase by 18 percent
Despite higher investments in digitization and IT capacities as well as increased expenditure for the renovation of its own boutiques, the group was also able to significantly improve its earnings. At EUR 289 million, earnings before interest, taxes, depreciation and amortization (EBITDA) exceeded the previous year’s level by 25 percent. Profit before tax grew by 16.4 percent to 218 million euros.
In the first quarter of the 2023 financial year, the fashion house was able to maintain its growth course: sales were 18 percent above the level of the same period of the previous year. Growth in all market regions contributed to this. In Europe, sales increased by 22 percent, in Asia by 14 percent and in America by ten percent. The company said the pace of growth in the Americas is expected to slow down in the coming months, but this may be offset by the continued positive trend in Asia.