Staff Report www.gulfnews.com
Dubai: Giorgio Armani Group said it achieved turnover of more than €6 billion (Dh31.38 billion) in 2010, with net profit rising 80 per cent over 2009 to €161.0 million.
The group, which operates the Armani Hotel in Dubai’s Burj Khalifa, also announced the opening of more than 80 points of sale in 2010, with worldwide shops, branded facilities and outlets amounting to 1,800.
Its consolidated revenues were €1.58 billion, an increase of 4.6 per cent over 2009. Armani said that growth was in line with historical trends for the company, which operates stores, boutiques, hotels and other facilities in 47 countries.
“2010 was a very positive year for the Armani Group,” said Giorgio Armani in a statement.
“[It has] demonstrated [our] capacity to react promptly to the difficulties originating from the crisis that affected both the fashion and luxury sectors. In these difficult trading conditions our strategy has remained focused on maintaining high-quality distribution and satisfying rapid changes in consumer demands.”
The group maintained its strong growth momentum in the Asian markets, particularly in China, where revenues went up 36 per cent.
Global revenues in the directly-managed retail network grew by 10.4 per cent.
Gross operating profit grew by 47.5 per cent over 2009 to €321.6 million, or 20.3 per cent of revenues, strongly up compared to 14.4 per cent the previous year.