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Giorgio Armani Confident in Brand Streamlining Despite Impact on 2018 Profits and Sales

MILAN — Giorgio Armani is not one to leave anything to chance. When in 2017 he decided to streamline his portfolio of brands, the designer knew this would take a toll on his fashion group’s bottom line, but, as he reveals today, he “resolutely continues” with the planned strategy. While profits and revenues were dented by the restructuring last year, Armani, who turned 85 on July 11 and this year added the title of general manager to his chairman and chief executive officer roles, said that he was “confident in the strategic direction we’ve taken being the most appropriate to consolidate the leading position of the Armani Group and its brands in the luxury/lifestyle segment. Confirmation of this is apparent in the positive signals relating to sales of the 2019 spring/summer season in this first part of the year.” In the 12 months ended Dec. 31, net profits totaled 152 million euros, falling 37.3 percent compared with 242.4 million euros in 2017. Revenues totaled 2.1 billion euros compared with 2.33 billion euros, down 9.8 percent “in line with established budgets and consistent with the medium-to-long-term strategy of simplification and streamlining of the brand portfolio,” said the company. In February 2017, Armani revealed he was planning to

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