Giorgio Armani is recovering from the impact of the COVID-19 pandemic. Sales of the Italian fashion group grew 34 per cent in the first half of 2021. At constant exchange rates, sales grew 38 per cent. Revenues in the directly operated retail channels, excluding wholesale and licenses, grew 59 per cent in the first half of 2021 compared to the same period in 2020. The US, China, and Europe helped boost performance.
The group expects much better profitability for 2021 barring a return to widespread retail closures in the second half of the year due to the pandemic. Last year, the decline was heavily concentrated in the first half, while the second half showed a clear recovery, despite the new waves of contagion and the intensification of the state of emergency in Europe that marked the last quarter of 2020.
In the 12 months ended December 31, the group’s net profit fell 27.4 per cent. Total revenues from Armani-branded products worldwide, including licensing revenues, in 2020 fell 21 per cent from the previous year. The goal is to return to pre-pandemic levels by 2022. In 2020, the Armani group’s earnings before interest, taxes, depreciation and amortization were down 1.8 per cent from 2019.