Armani: 'A new eyewear strategy coming soon'

In a communication released today, the Armani Group presented the preliminary results for 2002. A very eager eyewear world hoped for a statement about the choice of the eyewear division's new production and distribution strategy. But it was in for a disappointment as the Milan fashion house limited itself to letting it be known that 'decisions will soon be taken with regard to the Giorgio Armani and Emporio Armani eyewear lines'.

As far as the Group's general trend is concerned, 2002 closed with an increase in consolidated revenues of 2.3% (from 1.271 to 1.3 billion euros) and an expected growth in profits proportional to revenues. Throughout last year the Armani Group invested approximately 80 million euros in further development of the industrial segment, the modernization and expansion of the distribution network, and the expansion and diversification of the range of products offered. During the last three years investments have exceeded 500 million euros, entirely through self-financing.

2002 also saw the opening of 30 new outlets in various locations throughout the world, which included the Armani/Chater House in Hong Kong, a new multi-brand, 3,000-square-meter store "that marks the beginning' - according to the press release - 'of an important investment program for the retail sector in China", and the modernization of 16 existing stores. The Armani Group has also finalized two important acquisitions: Deanna, a Reggio Emilia company producing top-quality knitwear, and Guardi, the company controlling some facilities specializing in the production of footwear. Lastly, the Armani Group has expanded its product lines with the addition of two new perfumes and the launch of an Emporio Armani Jewelry line.

Giorgio Armani himself commented on the results achieved: "Despite the fact that 2002 was characterized by a particularly difficult economic and political situation, once again we have achieved satisfactory results both in terms of growth in billings and profits. This is also thanks to careful management and careful cost control" which have led to "an increase in billings averaging 15% over the last three years. I am optimistic that the very disciplined strategy adopted by the Group will guarantee a positive 2003 with further increases in revenues and profits".