Armani grows its store portfolio to 598 as revenues rise 3.2%
Source: Mintel 13-07-2020

International 13-07-2020

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Armani has reported a 3.2% increase in revenue to €2.1 billion in 2019, however earnings before tax dropped 12%. The group said the rise in revenues has allowed it to return to growth a year in advance to its strategic plan. Its strategic plan was announced in 2017 and included a three-year period of overall turnover reduction in order to streamline and “upgrade” the brand portfolio and distribution network. As a result, in 2019 the group's pre-tax earnings dropped to €175 million, down 12% on the previous year.

In the year the group expanded its direct distribution network through the acquisition of points of sale in a number of Chinese provinces (mainly Guangdong and Sichuan), in Macao SAR and in Mexico. At year's end, Armani had a total of 598 directly managed stores, an increase of around 70 compared to the end of 2018.