Giorgio Armani reports sales surge during first half of 2021

In a statement Giorgio Armani said, sales in the first half of 2021 has bounced back robustly after its business in the United States and China saw sales at the Italian fashion group return close to pre-pandemic levels.

“The goal is to return to pre-pandemic levels by 2022, with… over 2 billion euros in direct consolidated revenues,” said Chairman and CEO Giorgio Armani in a statement announcing 2020 results and the trend for January-June.

Consolidated net sales had fallen by 25% in 2020 to $1.9 billion (1.6 billion euros) with the bulk of the decline taking place in the first half of 2020.

Sales of luxury goods around the globe fell sharply in 2020 for the first time in years with the coronavirus-induced COVID-19 lockdowns forcing shops to close for extended periods.

“The drop in revenues in 2020 should be read not only as a consequence of the pandemic… but also in line with Giorgio Armani’s own strategic principle of ‘less is more’,” said Giuseppe Marsocci, Armani’s Deputy Managing Director.

Although Milan-based Armani did not provide the total value of sales in the January-June period, it reported a positive sales trend so far this year leading to a significantly improved profit scenario for 2021.

Last year, the group made a consolidated net profit of 90 million euros and reported an operating loss (EBIT) of 29 million euros. ($1 = 0.8495 euros)

Categories: Creativity, Entrepreneurship, HR & Organization, Strategy

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