Following an impressive sales performance in the first half of 2021, the Italian luxury fashion house Armani Group has raised its full-year revenue guidance.
The Group has reported a year-on-year (Y-o-Y) jump of 34 per cent in revenues in the six months that ended 30 June 2021 – all thanks to easing of COVID-19 restrictions.
While the year began with the Group witnessing significant recovery in sales volume in China and the US, the performance improved in Europe also in last few months.
The revenues of directly operated retail channels, which included wholesale and licenses, surged Y-o-Y by a massive 59 per cent during the period.
Net cash position too improved significantly! The Group’s net cash, during the first six months, jumped from €925 million in December 2020 to €1 billion.
Consequently, the Group has now raised its full-year revenue guidance by aiming to touch €4 billion in indirect turnover and over €2 billion in direct consolidated revenues in the year to 31 December 2021.
Armani Group is determined to reach pre-pandemic levels by 2022.
The Group is known for designing, manufacturing, distributing and retailing haute couture, ready-to-wear, leather goods, shoes and fashion accessories, amongst others. It generated €5.90 billion in 2019.
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