Armani announced that its revenue increased by 4% YoY last year to 2.45 billion euros (approximately $2.65 billion), with a 6% YoY rise at constant currency rates. Operating profit reached 215 million euros (about $230 million), with growth across all channels and markets, half of which came from the European market. However, due to a cooling Asian market, especially China, Armani experienced a single-digit decline in sales during the second half of last year and the first half of this year. The group attributed the revenue slowdown to adjustments in the luxury goods market and noted that, despite inflation driving up costs, retail prices were only slightly increased.