June 4, 2012

Armani’s Business: The Recipe For Financial Success

A couple of years ago, when the crisis had just hit, they said that the economy would become so dismal that we would end up on street corners, begging in our bathrobes, to pay our debts.

So much for Fashion Week or luxury clothing and accessories and a definite farewell to any glamorous events where we could display out fabulous outfits.

Whoever said this was terribly wrong. True fashionistas were not in a hurry to sell their beloved shoes and purses to pay the rent for their chic apartments. On the contrary, they rushed out to buy clothes and accessories from the latest designer collections, because…as long as there’s a crisis, the least we can do is go through it looking our best.

Moreover, the price of luxury products has skyrocketed in recent years, given that, in the current economic context, owning a luxury item means even more than it once did.

And now that things are slowly starting to get back on track, it becomes more and more clear that the fashion business had nothing to lose during this time.

High-end fashion houses registered profit as if nothing had ever happened to mess with their balance. Giorgio Armani’s world-famous Italian brand had recorded a rise of 23% in profit at the end of 2011, adding up to a revenue of €281.8 million, thanks to rising sales across all Armani’s principal markets, reports Godfrey Deeny for Fashion Wire Daily.

The brand’s global revenue has advanced by 13.6% up to €1,804 billion, with the inauguration of 100 new self-standing sales points in 2011, making Armani’s global mono-brand sales network count 2125 stores across the world at the end of last year and ensuring that the Italian company is the largest chain of boutiques of any luxury European designer.

The brand’s revenue is also intensely sustained by the Asian market, especially in China, where it has risen by a whopping 45% in the last year, compared to 2010, thanks to a retail network of 289 points of sale, including 6 Giorgio Armani, 62 Emporio Armani, 60 Armani Collezioni, 60 AJ | Armani Jeans, 1 AJ | Armani Jeans Accessories, 15 Armani Junior, 39 A/X Armani Exchange and 9 Armani Casa, spread over 50 major cities.

To celebrate a decade on the Chinese market, Giorgio Armani organised a special fashion show – “One Night Only In Beijing”, in the Chinese capital, which included 15 Armani Privé couture pieces, created especially for the event, along with a series of outfits from the F/W 2-12 Emporio Armani and Giorgio Armani collections and a few looks from the Spring 2012 Armani Privé collection.

Photos courtesy of: fashionuniverse.com, modelideal.com

Source: http://fashionwiredaily.com/first_word/news/article.weml?id=3825