Giorgio Armani reported a growth in revenues and net profit in 2023 at his namesake fashion group, despite a slowdown in the second half.
Armani, the group’s chairman and chief executive officer, said 2023 “ended on a positive note” and that he continues to be “steadfast in my belief that a focus on continuity and a pragmatic, consistent approach — independent by current trends and market conditions and rooted in the principles that have always underpinned my creative and managerial philosophy — is the only way to navigate the challenges and uncertainties that characterize today’s environment.
Direct brand turnover, including revenues generated by licensees, stands at approximately 4.5 billion euros. This was a 2.6 percent decrease compared to 2022 and was attributed to the contraction of the accessible segment of the, effective with the spring 2018 season. That meant that the Armani Collezioni and Armani Jeans brands were integrated and merged into the and A|X Armani Exchange lines, respectively.
Royalties from licenses, including the successful eyewear collections with EssilorLuxottica and beauty and fragrances with L’Oréal, for example, and other revenues made up the remaining 8 percent.
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