MILAN — Showing resilience in the face of a tough economy and propelled by growth across all brands and regions, Giorgio Armani SpA reported a 1.5 percent increase in sales last year, although the recession and heavy investment bit hard into profits.
The fashion company Thursday said a slowdown in demand in the fourth quarter pushed earnings before interest, taxes, depreciation and amortization (EBITDA) down 14.6 percent to 303.2 million euros, or $445.7 million, from the company’s “record” year in 2007. Sales rose to 1.62 billion euros, or $2.38 billion. At constant exchange, the sales increase stood at 2.4 percent. In particular, revenues in Greater China rose 30 percent, offsetting a 4 percent drop in Japan.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)