The Armani Group announced an operating margin (EBIT) of $437 million for 2012, which represented a profit increase of 20 per cent over the prior year.
The Italian fashion house also announced consolidated revenues of $2.7 billion, a 16 per cent increase compared to $2.3 billion the year before.
Growth was particularly strong for the Giorgio Armani and Emporio Armani brands, the company said in an exclusive regional statement.
Turnover, including licensed products at retail value in 2012, reached $9.5 billion.
The Group, which has 2,203 branded stores and 18 outlets in the Middle East, showed double digit growth in all territories, including Europe, despite the region’s unfavourable economic climate.
Giorgio Armani, group chairman, told Gulf Business:“The Middle East is an exciting and dynamic region, with an extremely style conscious population. The consumer profile largely comprises a financially stable resident population and expatriates, who for the most part are professionals from various parts of the world which, combined with a thriving tourist industry, contributes to a vibrant retail environment.”
The Group also performed well in China, where revenues showed a significant increase of 39 per cent compared to the year before.
Despite the global economic crisis, the world’s top 250 retailers experienced a sales increase of over 40 per cent in the MENA region in 2011, according to a report from business consultants Deloitte.
The UAE’s retail sales are forecasted to grow from an estimated $31.01 billion in 2011 to $41.22 billion by 2015, said Business Monitor International.