Giorgio Armani reports 24% decrease in core profit for 2024, despite investing in business

From Yahoo Finance: 2025-07-02 11:35:00

Italian fashion house Giorgio Armani reported a 24% drop in core profit last year due to declining revenues and slightly higher operating costs. Despite challenges in the luxury industry, Chairman Giorgio Armani emphasized a long-term strategy over immediate gains. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) fell to 398 million euros in 2024. Net revenues decreased by 5% at constant exchange rates, with Europe as the main market accounting for 49% of total net revenues. Giorgio Armani, 90, missed his first catwalk event due to illness, but the group maintained stability with 570 million euros in net cash at the end of last year. The group invested 332 million euros to renovate flagship stores and enhance e-commerce operations.



Read more at Yahoo Finance: Giorgio Armani posts 24% core profit drop in tough 2024, steps up investments