Fashion Wire Daily: the First Word in Fashion


Versus Hires Jonathan Anderson November 29th, 2012 @ 11:04 AM

Cacharel Unveils New CEO, in Major Corporate Revamp November 21st, 2012 @ 00:56 AM

Kane Drops Out of Versus in Major Shake-up November 20th, 2012 @ 10:14 AM

Pucci’s Madison Avenue Store Debuts Massive Expansion November 16th, 2012 @ 00:35 AM

Ghesquière Departs Balenciaga in Major Surprise November 05th, 2012 @ 00:43 AM

Sao Paulo Fashion Week: Between Optimism and Fear November 02nd, 2012 @ 00:28 AM

London Unveils Men’s Season Schedule November 01st, 2012 @ 00:36 AM

Azzaro Releases Castello Branco October 25th, 2012 @ 00:18 AM

Revenue Soars 22 Percent at LVMH in First Three Quarters October 16th, 2012 @ 00:18 AM

Rykiel Names Geraldo da Conceicao Artistic Director September 21st, 2012 @ 8:12 PM

Brazil’s New London Pop-Up September 21st, 2012 @ 7:20 PM

McQueen Men Returning Home to London September 12th, 2012 @ 7:19 PM

Roitfeld, Mum and Son, Open in Brazil September 07th, 2012 @ 00:54 AM

Berluti Opens to Big-Time Business in London September 06th, 2012 @ 3:27 PM

Stefano Pilati Back with a Bang at Zegna September 05th, 2012 @ 7:10 PM

Hugo Boss Wows in Berlin, Plans for New York July 06th, 2012 @ 00:17 AM

Salvatore Ferragamo: Crusin’ the Louvre June 13th, 2012 @ 11:04 AM

Michel Klein Gains New Backer; Launches Sunglass Collection June 13th, 2012 @ 00:48 AM

Sykes Jettisoned by Aquascutum; Maurer In at Rabanne June 06th, 2012 @ 00:18 AM

Armani Conquers China, Chastises the Pope June 01st, 2012 @ 11:53 AM


Armani Scores 23 Percent Rise in 2011 Profit

Godfrey Deeny
May 24th, 2012 @ 11:20 AM - Paris

Giorgio Armani posted a 23 percent rise in operating profit in 2011, in the latest example of how major league luxury brands are comfortably riding through the recession.

The Milan-based house said its operating profit, or EBIT (earnings before interest and tax), totaled 281.8 million euros, or $354 million at current exchange rates, buoyed by steady sales growth across all Armani's principal markets.

"This result proves the success of the group's selective distribution strategy and a thorough corporate restructuring ensuring more streamlined and efficient management," the house of Armani said in a release on Thursday, May 24.

Worldwide consolidated revenues advanced a healthy 13.6 percent to 1.804 billion euros, or $2.265 billion, boosted by the opening of 100 new freestanding points of sale in 2011.

The house said that its global network of Armani mono-brand sales points totaled 2,125 at the end of 2011, making Armani almost certainly the largest chain of boutiques of any major luxury European designer.

The 77-year-old designer also boasted of a significant capital expenditure program in 2011, investing a bullish 89 million euros, or $112 million. Despite that significant commitment, Armani also managed to boost the huge cash pile on which he has been sitting for several years to 643 million euros, or $806 million, a rise of 6.5 percent on 2010.

"The excellent results achieved in 2011, both in terms of turnover and profit margins, confirm yet again the soundness of the group's strategies, particularly given the current period of uncertainty. Our net cash has reached a new high, despite the fact that we have kept up our investment to expand our distribution network. On the basis of these results we look with cautious optimism to 2012 and beyond," Armani said in the release.

First quarter revenues in 2012 registered a double-digit increase in net revenues, both in the retail and wholesale distribution channels, he added.

Armani noted that the group had maintained strong growth momentum in the Asian markets, "in particular in China, where revenues increased by a remarkable 45 percent in 2011 compared to the previous year." The designer is planning a major "One Night Obly In Beijing" celebration in the Chinese capital next week to fete his 10th anniversary in China.

Giorgio Armani operates in Greater China through a retail network of 289 points of sale, under a range of brand names including: 16 Giorgio Armani, 62 Emporio Armani, 60 Armani Collezioni, 60 AJ | Armani Jeans, 1 AJ | Armani Jeans Accessories, 15 Armani Junior, 39 A/X Armani Exchange and 9 Armani Casa in 50 cities.

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Fashion Wire Daily: The Last Word in Fashion

* LVMH Scores 35% Gain in 1st Half Operating Profit

* Armani Scores 23% Rise in 2005 Profits; Sales Gain 10%

* Versus Hires Jonathan Anderson

* Cacharel Unveils New CEO, in Major Corporate Revamp

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