Fri, 24 Sep 2021

MILAN, Rome: Business in China and the United States helped push up sales at Giorgio Armani by 34 percent in the first half of 2021, although the company is expected to fully recover from the pandemic next year.

"The goal is to return to pre-pandemic levels by 2022, with... over 2 billion euros in direct consolidated revenues," Chairman and CEO Giorgio Armani said on Sunday in a statement announcing 2020 results and the figures for January-June.

Although the Milan-based group did not report the value of total sales in January-June, it said the positive sales trend pointed to a much better profitability scenario for 2021.

The luxury group said consolidated net sales had fallen 25 percent last year to 1.6 billion euros ($1.9 billion), with most of the decline occurring in the first half of 2020.

"The drop in revenues in 2020 should be read not only as a consequence of the pandemic... but also in line with Giorgio Armani's own strategic principle of 'less is more'," said Armani Deputy Managing Director Giuseppe Marsocci.

For the whole of last year, the group saw a consolidated net profit of 90 million euros, but an operating loss of 29 million euros.

It also said on Sunday that its financial position improved significantly in the first half, with net cash and cash equivalents of 1.088 billion euros "ensuring the financial resources necessary for the Group's medium to long-term stability and growth".

Sign up for Knoxville News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!