As a seasoned gamer with a keen interest in both gaming and fashion, I find it fascinating to observe the dynamics of the luxury market, particularly when it comes to iconic brands like Armani. Having witnessed the rise and fall of various gaming companies over the years, I can’t help but draw parallels between the two industries.
2023 saw a 4% rise in revenue for Armani Group, totaling approximately €2.45 billion EUR or $2.65 billion USD. Despite a slight deceleration in growth during the latter half of 2023 and into 2024 (a single-digit slowdown), the fashion conglomerate managed to sustain positive growth overall for the entire year.
2023 saw a slight decrease in company revenues within the luxury market, particularly in the Asia-excluding-Japan region and the affordable segment of their offerings. This decline was observed in the second half of 2023 and carried over into the first half of 2024, when compared to the strong performance of the first half of 2023.
LVMH recorded a 14% decrease in net profits, while Kering experienced a 20% drop in sales. Armani also faced declining Asian customer demand but managed to maintain growth thanks to its diverse clientele.
Deputy General Manager Giuseppe Marsocci shared one reason for the decline in sales, explaining, “For some time now, we’ve chosen to reduce our profit margins instead of increasing retail prices due to inflation.”
According to Giorgio Armani, the founder, CEO, and chairman of Armani, the brand is capable of handling a market downturn without having to achieve maximum year-on-year profits at any cost.
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2024-07-30 18:25