MILAN — Giorgio Armani SpA last year was not immune to the international financial crisis, which hurt the company’s bottom line despite a growth in sales.
In 2008, the company reported a 41.4 percent drop in net profit, which fell to 128.1 million euros, or $188.3 million, compared to 218.7 million euros, or $299.6 million the previous year. Consolidated revenues in 2008 rose 1.5 percent to 1.62 billion euros, or $2.38 billion.
Dollar figures are converted from euros at average exchange rate for the periods to which they refer.
“The economic crisis has slowed down, rather than interrupted, the Armani Group’s growth,” said the designer in his letter published in the 2008 annual report.
Armani said that “while searching for obvious production efficiencies and implementing cost-cutting measures, we remain convinced that by continuing to pursue our initiatives and concentrating ever more firmly on our strategy, we will continue to strengthen and expand our brand further.”
Describing 2008 as “a tough year for the fashion and luxury sectors,” Armani touted the company’s
investments in the retail sector, with 50 new store openings globally.
For complete coverage, see Tuesday’s WWD.