Armani’s annual revenue hit by slowdown in luxury industry

Italian fashion house Armani Group reported a 5% YoY drop in sales last year after the luxury sector was hit by macro-economic uncertainty and slowing demand in China. The company, founded by Giorgio Armani in the 1970s, reported net consolidated revenue of 2.3 billion euros ($2.7 billion) for 2024, according to an emailed statement yesterday. Cash holdings slumped about 40% to 570 million euros, after renovations at many of the firm’s flagship stores. Hermès, LVMH face similar China challenges Armani joins other fashion companies and luxury good producers reporting sluggish sales in China as shoppers in the Asian nation rein in costlier purchases. Hermès’ sales at the start of the year were hit by lower traffic at its Chinese stores, while LVMH has warned investors and analysts of lackluster demand in the country. Europe accounted for almost half of Armani’s revenue, while Asia-Pacific fell to around 19%, slightly down compared with 2023 and reflecting the China slowdown, the firm said. The U.S. represented about 22% of Armani’s revenue. “I am confident that the current market difficulties and international tensions will ease in the near future,” Giorgio Armani said in the statement. Last year the company made a record level of investment at 332 million euros, approximately double the amount of 2023. That included the renovation of buildings such as the one on Madison Avenue in New York and Emporio Armani in Milan. By Flavia Rotondi Read more: Hermès quarterly sales hurt by weakness in Chinese luxury demand Why Hermès dethroning LVMH signals a new luxury paradigm LVMH’s luxury crown slips LVMH said to warn of continued luxury weakness amid China woes

Armani’s annual revenue hit by slowdown in luxury industry

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Published July 03, 2025

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Armani’s annual revenue hit by slowdown in luxury industry