For Armani, revenues slightly down, but investments and profitability up
Sales 2025 at 2.2 billion, rising to over 4 billion with licences - Group CEO Giuseppe Marsocci: 'Independent of banks thanks to liquidity of 600 mln'
Key points
Not a week goes by without confirmation from the Armani Group that it is still and always the founder's spirit that inspires the company's short, medium and long-term choices. It is not a question of slavishly following the path traced by Giorgio Armani, who passed away on 4 September 2025, the year in which the brand's 50th anniversary was celebrated.
Balance between past and future
The difficult thing is to believe and build this alchemy day after day: on the one hand, to remain faithful to principles and vision, and on the other, to respond, on a daily basis, to the many unknowns, changes and surprises - not all of them positive - that surround every person, company and country and, increasingly, the global fashion industry. "Almost eight months have passed since Mr Armani's death and the void he has left is undeniable. But every day we reap some fruits of what he sowed in each of us and obviously in the group,' says Giuseppe Marsocci, the company's CEO and general manager. 'Among these fruits are also the results of 2025, a very difficult year for the entire fashion system, both Italia and global, and marked by geopolitical turbulence that will become more acute in 2026. Despite everything, we managed to contain the drop in revenues, closing at 2.192 billion, 2.8% less than in 2024. A figure that almost doubles to 4 billion if we also consider the direct turnover of licensees."
Loading...
The composition of turnover
An incidence, that of induced turnover, which has been very high for several years and which has been indicated in the past as a criticality. Giuseppe Marsocci disagrees: 'Part of Mr. Armani's legacy of corporate culture concerns licensing, in which he was a pioneer, as eyewear and cosmetics demonstrate. They have never been commercial agreements based solely on royalties, to be disregarded in order to look only at the sales figures of individual product categories entrusted to third parties. Giorgio Armani,' explains the group's CEO, 'conceives every licensing agreement as a long-term partnership, built on creative ping pong, respect for the technical know-how of partners and collaboration on marketing and communication strategies. It is no coincidence that the current expiry dates of the two main licences are far away: 2037 for L'Oréal and 205o for EssilorLuxottica'.
Group shareholding respecting the will
A real assist, this one from Marsocci, to ask for clarification on the future of the company's shareholding structure: in the will opened on 9 September 2025 Armani asked to sell 15% of the group, after twelve months and in any case within eighteen months "from the opening of the succession", "as a priority" to a group between Lvmh, EssilorLuxottica or L'Oréal or "to other companies or groups identified with the agreement of Leo (Dell'Orco, ed.) operating in the world of fashion and luxury and of equal standing" (see the article by Marigia Mangano that appeared in Il Sole 24 Ore on 1 April).
"There is nothing new, although we continue to perceive a great deal of respect and interest in the Armani Group," Marsocci replies. "We also count the months that pass, but we remain focused on the management of the company, all the more so given the geopolitical scenario. In the first quarter of 2026 the trends, explains the CEO, are in line with those of 2025, including currency penalisation. But there are many factors prompting cautious optimism. "The profitability ratios in 2025 have improved: ebitda has grown by 3.2%, from 148 to 152.7 million, ebit has reached 52.6 million, also an improvement on 2024. Mr Armani was very keen on the freedom that comes from low debt,' recalls Marsocci, 'and we do not intend to deviate from this vision, on the strength of a net liquidity of almost 600 million and a net worth of almost 2 billion, which corresponds to 51% of total assets.
Brand connect
Loading...
