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Armani profit up 23% Thursday, 24th May 2012
Photo credit: Giorgio Armani Spring Summer 2012
The Italian fashion house saw operating profit rise 23 per cent in 2011 thanks to a continued investment in Chinese expansion.
Despite a tumultuous time in the brand’s domestic market, sales at all Armani brands across all its regions increased, with total growth ahead of the 5.4 per cent average increase seen over the past ten years.
Armani reiterated its commitment to expanding in Chinese markets, where sales grew 45 per cent last year.
“On the basis of these results, we look with cautious optimism to 2012 and beyond and reconfirm our long-term strategic development plans,” said Giorgio Armani, chairman and owner, as reported by the Financial Times.
Over the course of 2011 Armani opened 100 stores, 28 of which were in China, followed by 12 European openings, 11 in North American and eight in Japan.