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Global Armani sales fall in 2009, in China surge
01
Sep '10
Giorgio Armani the Italian luxury brand witnessed a six percent reduction in its worldwide sales last year, while its sales in China surged 32 percent. The company's global operating net income fell sharply by 28 percent to 218 million euros, mainly due to economic recession in the US, EU and Japan.

Nevertheless, Armani's financial capacity remains strong. Despite the economic crisis, the luxury brand continued its expansion and opened 182 news stores last year, bringing its total stores count to 1,503.

Armani, chairman and CEO of Giorgio Armani said, the company is focusing on developing core products and markets, so that it may grasp good opportunities of the global market recovery.

The situation in the first several months of 2010 has showed good momentum. He also said the company would pay more attention to Chinese market, in addition to major cities like Beijing and Shanghai; the company will also tap two and three tier cities.

The company till date has opened 66 stores in China and currently another five are ready to be opened. The company believes that there is still great room for development in China, which it will exploit in the near future.

Fibre2fashion News Desk


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