Armani’s Annual Revenue Hit by Slowdown in Luxury Industry

Italian fashion house Armani Group reported a 5 percent 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 ($2.7 billion) for 2024, according to an emailed statement on Wednesday. Cash holdings slumped about 40% to €570 million, after renovations at many of the firm’s flagship stores.