The first quarter of 2012 has registered a double-digit increase in net revenues.
29 May. 2012
ARMANI RECORDS PROFIT BOOSTThe Giorgio Armani Group announced its results for 2011, which show a further improvement in its economic and financial indicators, confirming the strength of its brands and the efficiency of its business model. In 2011 the group’s total turnover reached € 6,731 million at retail value. Its consolidated revenues reached € 1,804.1 million, 13.6% better than the € 1,587.6 in 2010. This growth is reflected homogeneously across all brands and geographical areas and is even more remarkable if we consider it is more than double the Compound Annual Growth Rate registered over the past decade (5.4%). This result proves the success of the group’s selective distribution strategy and a thorough corporate restructuring ensuring more streamlined and efficient management.
Revenues in the directly operated retail network grew once by +10%. Growth has been good in its traditional markets, both in Europe, despite the unfavourable economic context, and in the United States, with the group maintaining its strong growth momentum in the Asian markets, in particular in China, where revenues increased by a remarkable 45% in 2011 compared to the previous year.
The first quarter of 2012 has registered a double-digit increase in net revenues, both in the retail and wholesale distribution channels and the group will pursue further expansion of our distribution network towards emerging markets while consolidating our presence in mature markets.
Giorgio Armani, Chairman of Giorgio Armani SpA, said: “The excellent results achieved in 2011, both in terms of turnover and profit margins, confirm yet again the soundness of the group’s strategies, particularly given the current period of uncertainty. These results are due to a consistent brand portfolio diversification, with each brand strengthening their own respective equities and effectively reaching its intended target audience. The results also owe to a clear, balanced industrial strategy aimed at creating positive, long-lasting value, and, equally importantly, to the significant support of our partners. Our net cash has reached a new high, despite the fact that we have kept up our investment to expand our distribution network. On the basis of these results we look with cautious optimism to 2012 and beyond and reconfirm our long term strategic development plans.”
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