Giorgio Armani posts stellar profits

Friday, 23 November 2012
Giorgio Armani posted a 12.8 percent increase in net profits to 181.6 million euro in 2011 compared with 160 million euro in 2010.

The luxury company, based in Milan, stated earnings before interest, taxes, depreciation and amortization increased 8 percent to 349.9 million euro.

These are the results of the recently-released annual report for the year ended Dec. 31. Last May, Armani registered a 23.2 percent increase in operating profit to 281.8 million euro.

Total revenue was up 13.6 percent to 1.8 billion euro.

Chairman Giorgio Armani stated: “Our business model, based on strategic brand portfolio management, a network of strong and reliable partners, and a slim and proficient management organization, allowed us to respond to challenges swiftly and efficiently in a decidedly difficult scenario.”

The designer defined 2011 as “an excellent year,” and, despite the uncertainty surrounding the markets and the global economy in 2012, he said he looks to the future “confidence, always aiming to improve.”

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