MILAN – The Giorgio Armani Group closed 2022 on an upward trajectory, and business momentum continued in the primary quarter. The designer touted the consistency of his strategies and his pride within the independence of the corporate, steadfastly protected through the years.

Within the 12 months ended Dec. 31, revenues rose 16.5 percent to 2.35 billion euros compared with 2.02 billion euros in 2021.

Sales including licenses exceeded 4.5 billion euros, while retail sales turnover is estimated to exceed 6.5 billion euros.

The primary quarter trends for 2023 show net revenues increasing year-on-year by 18 percent over the identical period 2022, confirming the balanced growth across channels and the rise in operating profitability.

“The medium-long term strategic path I even have chosen to undertake continues to prove effective as is evidenced in the outcomes: 2022 ended with further growth that has continued into the primary quarter of 2023, further solidifying the group’s soundness,” said Armani, who holds the roles of chairman, chief executive officer and inventive director of the corporate. “I’m firmly convinced that operating with a vision geared toward continuity, following a concrete and consistent approach, centered on the values which have all the time underpinned my creative and managerial philosophy, is the one strategy to face the challenges and unexpected events that characterize the present global scenario.

“In an increasingly difficult and competitive context, I’m proud to have been able to take care of my independence and the steadiness of the group, also because of the work and commitment of my collaborators and employees,” he added.

Consistent with its medium- to long-term strategy, the Armani Group has chosen to extend the quantity of resources dedicated to communication initiatives. They were up 22 percent in comparison with 2021, as were capital expenditures, particularly in digital and IT infrastructure, in addition to within the renovation and redevelopment of stores, up 25 percent over 2021.

In 2022, pre-tax net profits amounted to 218 million euros, up 16.4 percent compared with 187.3 million euros in 2021. In comparison with 2019, they rose 24.5 percent.

Full-price sales growth contributed to the solid performance and a rise in margins, boosted by increased attention to service and quality and a positive response to the collections, the corporate said in a press release Thursday.

Earnings before interest, taxes, depreciation and amortization, ex international financial reporting standard IFRS 16, climbed 25 percent to 289 million euros. Operating profit increased 30 percent to 202.5 million euros, compared with 171.2 million euros in 2021.

With tourism resuming progressively and COVID-19 restrictions easing, sales increased 24 percent in Europe and 19.5 percent in America.

Asia, then again, still reflected the extensive lockdowns in China, only lifted in early 2023, and recorded a decline of 6.3 percent.

In the primary quarter, the geographic trends showed significant shifts in comparison with 2022, becoming more balanced. Asia has been recovering, reporting a 14 percent growth, while sales in Europe climbed 22 percent. Revenues in America were up 10 percent, and the expected slowdown within the region in the approaching months will probably be “hopefully offset by the positive trend in Asia.”

In 2022, retail sales rose 17 percent, the wholesale channel was up 16 percent and e-commerce was up 9 percent, “and sometimes trending higher in comparison with the industry benchmarks, especially for the apparel category,” the corporate noted.

In a joint comment, Giuseppe Marsocci, deputy general manager and chief business officer, and Daniele Ballestrazzi, deputy general manager and chief operating and financial officer, said “the adjustment period that followed the choice to reorganize the corporate’s portfolio by specializing in its three fundamental brands, namely Giorgio Armani, Emporio Armani, and Armani Exchange could also be considered concluded on a positive note with highly satisfactory sales levels, corroborated by even higher growth trends in operating profitability.”

In 2017, the designer decided to streamline his portfolio of brands, effective with the spring 2018 season. That meant that the Armani Collezioni and Armani Jeans brands were integrated and merged into the Emporio Armani and A|X Armani Exchange lines, respectively. The goal was to strengthen the person brands and maximize their potential in an increasingly competitive and changing market.

As reported, Armani has also been vocal about selecting to limit the offer of latest collections, responding to the present moment, aligning collections in stores to the seasons.

“We’re advancing, well ahead of schedule, towards the objectives set for 2025, the 12 months that marks the 50^th anniversary of Giorgio Armani,” concluded Marsocci and Ballestrazzi.

As reported, the goal Armani set in 2021 was to return to pre-pandemic levels by 2022, with greater than 4 billion euros in revenues that include licenses and greater than 2 billion euros in directly consolidated revenues.

The Armani/Casa business has also been growing consistently.

Last 12 months, it was revealed that an Armani Hotel will rise in Diriyah, a 300-year-old site positioned a 15-minute drive from Riyadh, within the Kingdom of Saudi Arabia, which is predicted to be accomplished in 2026. The world is home to the UNESCO world heritage site At-Turaif, recognized as one in all the world’s foremost mud-brick cities and the valley and luxurious palm groves of Wadi Hanifah. This will probably be the third Armani Hotel on the planet, following Dubai and Milan.

In his first design project of a business boat, last February he presented the 236-foot Admiral motor yacht designed with The Italian Sea Group, which will probably be delivered in early 2024 — and which already has a buyer. The yacht is the primary of two.

Most recently, the 260 Residences by Armani/Casa in Miami, Florida, in a 60-story oceanfront tower designed by architect César Pelli in Sunny Isles have been accomplished and have sold out.

Armani can also be redeveloping his four-level, 16,000-square-foot Madison Avenue store in Manhattan right into a 96,000-square-foot constructing that may house a flagship and 19 luxury Armani/Casa residences, a project to be accomplished in 2025.

As reported, Armani is reprising his One Night Only events, planning to stage a fashion show in Venice, coinciding with the eightieth edition of the International Film Festival there. An Armani Privé couture show will probably be held on Sept. 2 on the Arsenale, a storied complex of former shipyards and armories, followed by a night party. The designer’s couture show will probably be paraded commonly in Paris in July.