Armani’s Annual Revenue Hit by Slowdown in Luxury Industry

Armani’s Annual Revenue Hit by Slowdown in Luxury Industry

Italian fashion house Armani Group reported a 5 percent drop in sales last year after the luxury sector was hit by macro-economic uncertainty and slowing demand in China.

Armani revenues fall 5% in 2024 as luxury slowdown persists

The Milan-based company reported a dip in revenues, due to global tensions and high levels of uncertainty. The company’s investments, though, are up.

Armani’s Annual Revenue Hit By Slowdown In Luxury Industry

Italian fashion house Armani Group reported a 5% drop in sales last year after the luxury sector was hit by macro-economic uncertainty and slowing demand in China.The company, founded by Giorgio Armani in the 1970s, reported net consolidated revenue of €2.3 billion ($2.7 billion) for 2024, according to an emailed statement on Wednesday. Cash holdings slumped about 40% to €570 million, after renovations at many of the firm’s flagship stores.Arman…