MILAN — Boosted by gains in all markets, the Giorgio Armani Group continued to grow revenues and margins in 2013, but its bottom line was significantly dented by a settlement with Italy’s internal revenue service, according to the fashion firm’s annual report.
In the year ended Dec. 31, net profit fell to 23.9 million euros, or $31.5 million, from 194.2 million euros, or $248.5 million, in 2012. In 2013, the group paid taxes totaling 381.8 million euros, or $502.8 million, compared with 157.8 million euros, or $200.4 million, in 2012. Last year, taxes included a payment of 270.9 million euros, or $357.6 million, to the Agenzia delle Entrate, the country’s revenue service, following investigations initiated in 2013 and concerning a number of companies controlled by the Armani group in the 2002 to 2009 period.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"