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.”
BasicNet’s Kappa turns back the sporting clock for its new AW25 collection, which celebrates “local heroes in football” with a community-focused campaign “honouring the places and people that inspire a lifelong love of the game”.
Image: Kappa
The campaign shines a light on local talent Tyrone Marsh in his hometown of Bedford, revisiting the streets, pitches and community spots “that shaped his football journey”.
Local photographer Simon Gill, who had pictured Marsh during many home and away games, not only “captures the Bedford Town player in the spaces that helped define his skill”, but also highlights the brand’s “rich football heritage with contemporary streetwear energy, creating visuals that pay tribute to community, culture and grassroots football”.
The journey includes Hartwell Drive, the early days of his after-school kickabouts, Hillgrounds Road, synonymous with Bedford football culture, and then onto Faraday Square, locally identified by the concrete pitches and community spirit.
To reflect that journey, the AW25 collection “offers a sense of nostalgia” with Kappa’s long-standing history in fashion and sports “seen through the Omini logo placements and 222 Banda strip”.
The campaign sees Marsh wearing Kappa styles including the Lyman and Uriah Track Tops paired with the Ulrich Track Pants in classic colourways including navy and light blue.
The wider collection includes track tops, track pants, shorts, polos, sweatshirts and T-shirts, available at select retailers across the UK including 80s Casual Classics, Terraces Menswear and RD1 Clothing.
UK footfall down in November? Blame the Budget and bad weather. Those two important factors damaged shoppers’ desire to venture out, resulting in an albeit slender 0.8% year-on-year dip in footfall last month, with all types of destinations suffering. It was also the seventh consecutive footfall decline, noted the latest British Retail Consortium (BRC)/Sensormatic report
Image: Nigel Taylor
That meant visits to high streets were down 1.2% in November and down from a 0.6% rise in October; shopping centre footfall dipped 1.3% last month, down from a 0.9% dip in October; and retail park visits were down 0.4% in November, but were better than a 0.5% dip in October.
The BRC also noted that November’s Storm Claudia prompted many consumers to search online for Black Friday deals throughout November, leading some to not visit physical stores on Black Friday.
But there was good news, with some northern UK cities – including Manchester and Sheffield – continuing to buck the trend, “recording positive footfall for the eighth consecutive month”.
So with many shoppers holding off on store visits until this month, Helen Dickinson, chief executive of the British Retail Consortium, said: “With the Golden Quarter in full swing, retailers are continuing to invest what they can to entice customers into stores over Christmas.
“However, as we approach the New Year, given the downward trend in footfall across recent years, we need a comprehensive strategy to revitalise our high streets and shopping centres, from better transport, affordable parking, to a reformed planning system to enable faster, better development.”
Andy Sumpter, Retail Consultant EMEA for Sensormatic, added: “November may have been dominated by caution, but there are glimmers of hope. The Golden Quarter isn’t over yet, and with four of our predicted Top Five shopping days still to come, the festive season could deliver the lift retailers need. A last-minute rush may top off the year, turning caution into celebration. With the right balance of value, convenience, and experience, there’s still time to make December count.”
The world’s largest fashion retailer staged a stock-market comeback this week as Inditex SA’s push to differentiate itself from fierce ultra-low-price competition shows signs of bearing fruit.
Inside a Zara store – Zara
The owner of Zara, Bershka, and Massimo Dutti has seen its shares jump 14%, putting them on track for their best week in five years. Strong third-quarter results, coupled with accelerating November sales, were seen as evidence of the company’s resilience against weaker consumer sentiment.
This week’s surge put the stock on course for an annual gain, after what had previously looked like a lacklustre 2025. Inditex- whose second-largest market is the US- had been punished for its exposure to tariffs and a weaker greenback, amid concerns about softening consumer demand and intensifying competition from Chinese fast-fashion firms.
While its 10% rise this year trails the 50% jump for UK retailer Next Plc and the 19% gain at Sweden’s Hennes & Mauritz AB, Inditex is now outperforming the broader European retail sector. Analysts have welcomed the firm’s push to steer its Zara and Massimo Dutti brands further into the premium segment as it seeks to outmuscle competitors such as Shein and Temu. “The strategy is not to chase ultra-low prices, but to deliver premium-looking products at a good-value price point,” Alphavalue analyst Jie Zhang wrote in a note.
After this week’s rally, Inditex is trading at a substantially higher valuation than peers at 26 times forward earnings- on par with luxury behemoth LVMH. The firm’s strong third-quarter earnings reinforce “the quality of the business and will make investors question whether the right peer group for this company is luxury rather than retail in our view,” said Deutsche Bank AG analyst Adam Cochrane.
Inditex’s latest trading update spurred upward earnings revisions and price target upgrades, with more bullishness among brokers likely to follow, as the current consensus 12-month forward price target doesn’t leave any room for further upside. “These growth levels should provide reassurance of the continued opportunity for outperformance, including into 2026,” said JPMorgan & Chase Co. analyst Georgina Johanan.
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