While everyone is trying to understand whether or not there will be an alliance in fashion involving Giorgio Armani, the group has released today, Sunday 25 July, the results for 2020 and the first half of 2021. A press release, it must be said, everything is concentrated on the numbers and where there is no mention of any future changes. The pandemic naturally also affected Armani who, as soon as the emergency eased, returned to growth, demonstrating once more how the highest segments of the market are resistant., so much so that they are viewed with growing interest by investors and private equity. And Armani himself says he is “particularly optimistic and determined”.
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The numbers
The group is confirmed as strongly liquid, with almost 1 billion net financial position (950 million), although down by 24% compared to the level of 31 December 2019, while the consolidated shareholders’ equity aligned with the 2019 data with 2,010 million euros.
In detail, consolidated net revenues were € 1.6 billion, with a 25% reduction on 2019. “The decline – explains the press release – was strongly concentrated in the first half of the year; in fact, already in the second half of 2020, consolidated net revenues show a clear recovery, despite the new waves of infections and the intensification of the state of emergency in Europe that characterized the last quarter of 2020 “.
And Giuseppe Marsocci, deputy general manager of the group, specified that the numbers also affected the choice “to contain the offer of the new collections, in consideration of the historical moment, with merchandising in stores aligned with the climatic seasons and with attention to the real needs of end customers“. Consolidated EBIT was 263 million while EBIT went into the red for 29 million. Net profit was 90 million. Wanting to consider the turnover, the group quantified it at 3.3 billion (-21%). In the first six months of the year, consolidated net revenues at current exchange rates increased + 34% compared to the first half of 2020 (+ 38% at constant exchange rates and + 59% considering the retail calendar in directly managed channels, thus excluding wholesale and licenses ).
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Redditivit
Numbers supported in particular by China and the United States and more recently also by Europe. In the absence of “undesirable widespread general closures of retail in the second half, due to Covid”, the scenario indicates a “much better profitability for 2021”. “The recovery of these first months of 2021, with results already close to 2019 despite the pandemic is not yet resolved, together with the resilience shown by the Armani group in facing the most difficult moment of the pandemic period in 2020, makes me particularly optimistic and determined. in continuing my medium-long term strategic path, characterized, as always, by a great attention to quality while remaining faithful to my aesthetic philosophy. L” goal of returning to pre-pandemic levels by 2022, with over 4 billion euros in induced turnover and over 2 billion in direct turnover”, Was the comment of Giorgio Armani, who is president and CEO of his group.
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