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Armani Group further expands store network in 2008
May '09
In 2008 despite the exceptional economic downturn which affected markets throughout the world, the Armani Group generated consolidated revenues of € 1,620.3 million or + 1.5% vs 2007 at current exchange rates and + 2.4% at constant exchange rates.

Revenues including licensed products at wholesale value for the full year 2008 amount to 2,516.9 million Euros, or + 6.6 % vs 2,360.8 million in 2007 (+9.5 % at constant exchange rates).

The Armani Group boasts record level Capital Investments of over € 170 million in 2008 compared to € 95 million in the previous year. In addition, the Group maintained the investment in its retail network expansion opening a further 50 new stores bringing the total to 539 stores worldwide. It also acquired interests of third parties, in particular increasing its stake in the joint venture Presidio Holdings Ltd. from 25% to 50%, for the A/X Armani Exchange brand.

The EBITDA represents a strong 18.7% margin on consolidated revenues or € 303.2 million, down 14.6% vs the record year 2007.

The Group's liquidity has remained extremely high at over € 370 million net cash, in line with the end of 2007.

These results highlight the extremely solid financial position of the Armani Group, especially taking into account the high level of capital investments made in 2008.

In detail, wholesale revenues including licensed products break down by brands, geographical areas and product groups as shown below:

- by brands: Armani Junior rose by 36% (+37% at constant exchange rates), A/X Armani Exchange +15% (+22% at constant exchange rates), Emporio Armani +13% (+14% at constant exchange rates), Armani Jeans +7% (+8% at constant exchange rates), whilst the Giorgio Armani brand showed no change at current exchange rates (but rose by 4% at constant exchange rates) and Armani Collezioni rose by 2% (+5% at constant exchange rates).

- by geographical area : Greater China saw a strong rise increasing by 30% (+33% at constant exchange rates), Europe, excluding Italy, rose by 8% (+11% at constant exchange rates), the Rest of the World rose by 14% (+15% at constant exchange rates), Italy rose by 4%, whilst North America registered steady turnover at current exchange rates (but rose by 5% at constant exchange rates) and Japan saw a decline of 4% (minus 8% at constant exchange rates).

- by product groups: Apparel rose by 8% (by 11% at constant exchange rates), Watches and Jewellery showed no change at current exchange rates (but rose by 5% at constant exchange rates), Fragrances, cosmetics and skincare also showed no change (at both current and constant rates), whilst Eyewear saw a decline of 10% (minus 8% at constant exchange rates).

Mr. Giorgio Armani, President and CEO of Giorgio Armani S.p.A. commented: “There is no doubt that 2008 has been a difficult year for the fashion and luxury market. Nevertheless, the good results achieved by the Armani Group bear witness once again to the strength of our brand and confirm the solidity of our successful business model. We continue to believe in our vision, our goals and our strategic choices, and this belief encourages us to maintain a long term view in any initiative we undertake.”

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