Armani sales jump 34%

Italy
Published:  28 July, 2021
Credit: Armani

The Milan-based luxury designer Giorgio Armani has reported a sales jump of 34% in the first half of 2021, as business in China and the United States helped the group bounce back, although it said it could be next year before it fully recovers from the pandemic.

The luxury group said consolidated net sales had fallen 25% last year to €1.6 billion (US$1.9 billion), with most of the decline occurring in the first half of 2020. For the whole of last year, the group made a consolidated net profit of €90 million but an operating loss (EBIT) of €29 million.

The group did not give the value of total sales in January-June but said the positive sales trend so far in 2021 pointed to a much better profitability scenario for the financial year.

Sources told Reuters in early July 2021 that John Elkann, of Italy's Agnelli family, had explored a possible tie-up as part of plans to build a luxury conglomerate.

Source: Reuters