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Armani Conquers China, Chastises the Pope
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Armani Scores 23 Percent Rise in 2011 Profit
May 24th, 2012 @ 11:20 AM - Paris
Giorgio Armani posted a 23 percent rise in operating profit in 2011, in the latest example of how major league luxury brands are comfortably riding through the recession.
The Milan-based house said its operating profit, or EBIT (earnings before interest and tax), totaled 281.8 million euros, or $354 million at current exchange rates, buoyed by steady sales growth across all Armani's principal markets.
"This result proves the success of the group's selective distribution strategy and a thorough corporate restructuring ensuring more streamlined and efficient management," the house of Armani said in a release on Thursday, May 24.
Worldwide consolidated revenues advanced a healthy 13.6 percent to 1.804 billion euros, or $2.265 billion, boosted by the opening of 100 new freestanding points of sale in 2011.
The house said that its global network of Armani mono-brand sales points totaled 2,125 at the end of 2011, making Armani almost certainly the largest chain of boutiques of any major luxury European designer.
The 77-year-old designer also boasted of a significant capital expenditure program in 2011, investing a bullish 89 million euros, or $112 million. Despite that significant commitment, Armani also managed to boost the huge cash pile on which he has been sitting for several years to 643 million euros, or $806 million, a rise of 6.5 percent on 2010.
"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. 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," Armani said in the release.
First quarter revenues in 2012 registered a double-digit increase in net revenues, both in the retail and wholesale distribution channels, he added.
Armani noted that the group had maintained strong growth momentum in the Asian markets, "in particular in China, where revenues increased by a remarkable 45 percent in 2011 compared to the previous year." The designer is planning a major "One Night Obly In Beijing" celebration in the Chinese capital next week to fete his 10th anniversary in China.
Giorgio Armani operates in Greater China through a retail network of 289 points of sale, under a range of brand names including: 16 Giorgio Armani, 62 Emporio Armani, 60 Armani Collezioni, 60 AJ | Armani Jeans, 1 AJ | Armani Jeans Accessories, 15 Armani Junior, 39 A/X Armani Exchange and 9 Armani Casa in 50 cities.