Armani retail revenues in 2009 reach 6b euros

Dubai: Retail revenues for 2009 at the Armani Group reached approximately 6 billion euros (Dh27.83 billion), of which 4 billion euros came from the core business and 2 billion euros from licensed products.

The Armani Group, which opened the world's first Armani Hotel in Dubai's Burj Khalifa earlier this year, generated consolidated revenues of 1,518 million euros in 2009, a 6 per cent decrease from the previous year's figures, according to a statement received Monday.

Revenues showed strong growth in the Far East, in particular in China, which posted a 32 per cent increase over 2008.

The group's 2009 EBITDA (earnings before interest taxes depreciation and amortisation) represented 14.4 per cent of the consolidated revenues, at 218 million euros.

The decrease against previous year was mainly due to the recession which hit the North American and Japanese markets and that impacted both the core business and that of licensed products.

The net cash of the group remains at extremely high levels, amounting to more than 447 million euros, an increase of 20 per cent over the previous year.

Mono-branded points

In 2009, the group expanded and renovated its retail network with the opening of 182 new stores. The group now has 1,503 mono-branded points of sale worldwide.

Chairman and Chief Executive Giorgio Armani said: "Despite 2009 being a very difficult year for fashion and luxury sectors both suffering from the further deterioration of the global economic and financial situation the Armani Group results for 2009 attest once again to the strength and the excellence of the brand."