Even Giorgio Armani has felt the effects of the global slowdown in fashion and luxury sales. In FY2024, the Armani Group reported consolidated net revenues of €2.3 billion, down 5% year-over-year at constant exchange rates and 6% at current exchange rates. Revenues from the direct retail channel fell more moderately, by 3% at current rates, despite several temporary store closures due to restructuring. Based on data from various specialized research firms, the company noted that this performance was in line with the 2024 industry average for fashion and luxury.
Giorgio Armani was born in Piacenza, Italy, on July 11, 1934. – Gruppo Armani
“In an international macroeconomic and geopolitical scenario marked by persistent tensions and high uncertainty, and despite the specific slowdown in the fashion and luxury sector, in 2024 the Armani Group also achieved solid and positive economic and financial results at the consolidated level, albeit down from the previous year,” the Italian company emphasized.
The Armani Group reported record investments for the fiscal year, all fully self-funded, reaching €332 million—twice the amount spent in 2023 (€168.5 million) and nearly triple the typical annual investment in previous years. These funds went toward renovating key flagship stores, including the Madison Avenue location in New York, Emporio Armani Milano, Palazzo Armani, and the brand’s new headquarters on Rue François 1er in Paris. The company also brought e-commerce operations in-house.
Geographically, Europe again generated 49% of consolidated net revenues in 2024, maintaining its share from the previous year. The Americas accounted for 22%, while Asia-Pacific fell to around 19%, slightly down from 2023, primarily due to the slowdown in the Chinese market.
Post-IFRS16 EBITDA totaled €398 million in 2024, marking a 24% decline from the previous year (€523 million). EBIT and net income before taxes (EBT) amounted to €67 million and €74.5 million, respectively—consistent with the EBITDA trend and reflective of the impact from numerous extraordinary investments made.
The result reflects a mid-single-digit revenue decline alongside a slight 2.5% increase in operating expenses. The Armani Group’s net cash and cash equivalents stood at €569.7 million at the end of 2024, compared to €945.6 million at the end of 2023.
“During 2024, although I was well aware of the market slowdown already felt in the second half of 2023 and the many critical issues arising from the international context, I continued to operate with an eye to the future,” Giorgio Armani, Chairman and CEO of the Armani Group, said in the statement. “It is with this in mind that I have chosen in each case to invest in projects of great importance, both symbolic and concrete, which are fundamental for the company’s tomorrow. In any case, 2024 closed with positive results, the result of sound and prudent management, further confirming the Group’s solidity.”
“We opted for restrained pricing policies with increases below the rate of inflation and for a distribution oriented to quality rather than quantity, as shown by the stability of the number of points of sale, therefore without forcing and with selective criteria,” added Giuseppe Marsocci, Deputy Managing Director & Chief Commercial Officer of the Armani Group. “Ultimately, the decision was to focus on product quality and customer experience, even at the cost of sacrificing margins in the short term, in the belief that this choice will make us more competitive when the market returns to growth.”
“I am convinced that pursuing consistency and continuity, avoiding chasing immediate gains, is the best strategy to ensure success in the long run,” added Giorgio Armani, who is back from a convalescence after hospitalization at the end of June, which did not allow him—for the first time in 50 years—to attend in person the fashion shows of his two menswear lines in Milan, Giorgio Armani and Emporio Armani. “It is precisely thanks to this approach, in an increasingly complex and competitive global context, that I can proudly say that I have maintained the Group’s independence and stability.”
British luxury streetwear brand Represent has a new country president to lead its North American ambitions. Jim Anfuso, described as a veteran of the footwear and streetwear industry with “pivotal experience” managing the high-profile Adidas Yeezy business, has joined Represent’s executive leadership team.
Jim Anfuso, Represent’s new North America president
He’s tasked with accelerating Represent’s foothold in the US, “currently the brand’s fastest-growing market”. In his new role, Anfuso will oversee all countrywide operations, including retail expansion, wholesale partnerships, and the scaling of its performance line 247.
The role will also leverage Anfuso’s “deep experience in the footwear sector to refine Represent’s footwear strategy, a category the brand has identified as a key growth pillar”.
Represent noted the appointment “comes at a critical inflection point”, following the opening of the brand’s West Hollywood flagship and the “rapid adoption” of the 247 label.
As the brand “shifts from a cult British label to a global powerhouse”, it said Anfuso “brings a rare dual expertise in high-heat product strategy and operational infrastructure, a skillset honed during his tenure managing one of the most significant footwear partnerships in history”.
CEO Paul Spencer added: “As we enter our next phase of global expansion, the US market represents our most significant opportunity.
“Jim’s track record speaks for itself. From the minute we met… we knew he would be a great cultural fit with the wider leadership team and with [co-founder] George [Heaton] working side by side in our LA. office. Jim’s ability to navigate complex operational landscapes while maintaining brand integrity is exactly what Represent needs right now.”
George Heaton also said: “We have built Represent on ‘Relentless Effort’, and to crack the US market, we needed a leader who understands both the culture of streetwear and the mechanics of a billion-dollar operation. Jim shares our obsession with product and precision. This is a critical piece of the puzzle for the US business”
Anfuso said of his appointment: “Represent has achieved something rare: a hyper-loyal community that spans luxury, streetwear, and performance. My focus is now on operationalising that energy for the US market building the infrastructure, the team, and the strategy to take us from a ‘cult favourite’ to a dominant market leader.
“We are going to execute with the same level of precision and ambition that defined my previous work in this space.”
The Doha Fashion Show has been rescheduled to March because of regional security concerns, organisers said on Friday after Qatar announced precautionary measures at the US-run Al Udeid Air Base amid rising tensions.
The Doha Fashion Show has been postponed
Organisers said the decision to delay the show was taken “out of an abundance of caution” to prioritise the safety of designers, talent, partners, media, and guests, while ensuring a high-quality experience. The show was supposed to take place from January 19 to January 21.
Qatar said on Wednesday that precautionary measures had been taken at Al Udeid, including the departure of some personnel, because of rising regional tensions, according to its International Media Office. The office said the steps were part of broader efforts to safeguard the security of citizens and residents and protect critical infrastructure and military facilities. The security warning at Al Udeid was lowered one day later, three sources briefed on the situation told Reuters on Thursday.
The Doha Fashion Show is a biannual fashion event launched to position Qatar as a regional hub for luxury, fashion, and creative industries. It typically features runway shows, designer presentations and industry networking, with a focus on emerging talent.
The show is part of Qatar’s broader effort to diversify its economy and expand its cultural and lifestyle sectors, alongside investments in tourism, sports and the arts.
Adolfo Domínguez continues to progress on its path to profitability: in the third quarter of the 2025/2026 financial year, spanning September to November, it reduced its losses by 18.6%. By comparison, at the end of the first nine months of the 2024/2025 financial year it posted losses of €1.65 million, whereas at the end of the same period in the current financial year the figure stood at a net loss of €1.34 million.
Adolfo Domínguez grew sales by 2.5% in the third quarter – Adolfo Domínguez
This is, the company emphasised, the best for this period since the 2013 financial year in terms of its net result. And what about turnover? Adolfo Domínguez’s sales in the first nine months of the financial year reached €93.3 million, 2.5% more than a year earlier. Comparable sales, meanwhile, rose 4.2% year on year, while gross profit increased by 6.4% to €56.6 million.
Operating profit (EBIT) totalled €0.8 million, an improvement of €1.3 million on the previous year. EBITDA came to €12.4 million, up 24.9% year on year.
Adolfo Domínguez’s corporate finance director, Rubén Martín, highlighted the company’s efforts to “maximise the profitability of sales and the commercial network, with a notable improvement in margin, in operating profit and greater profitability of the network in Spain, a market that continues to consolidate despite the sector’s downward trend.”
The brand’s network comprises 372 points of sale in 53 countries. Notable in the third quarter were sales increases of 89% in the Middle East and 13.5% in Latin America. “In countries such as Chile, Colombia, Uruguay, and Paraguay, revenue growth is above 26% thanks to its connection with the market and selection of commercial partners,” the company said. In the Mexican market, where it operates 142 points of sale, sales rose by 6.1% in the period. And what about Europe? Standouts included France (21.7%), Portugal (6.7%) and the UK (4.8%). By channel, online sales in the first nine months of the financial year increased by 8.5% compared with the same period of the previous year.
Politics8 years ago