Armani Group Achieves Continuous Growth Across 2022 and Q1 2023

Image: Style du Monde

There is much to celebrate at Italian luxury group Armani as the fashion house reported strong 2022 and Q1 2023 results as per the press release shared on 25 May. The group’s revenue ended 31 December rose 16.5 per cent to €2.35 billion when compared to 2021, and earnings before tax and interest grew 25 per cent to €289 million. As for the first quarter of 2023, Armani Group recorded positive growth of 18 per cent across all its sales channels.

As owners of Giorgio Armani, Emporio Armani and Armani Exchange, the group joins other companies like LVMH, Kering, Richemont and others in displaying resilience despite global and economic uncertainties like the ongoing conflict between Russia and Ukraine and rising prices. “Notwithstanding a global economic environment that is still characterised by multiple crises, all sales channels registered significant growth in 2022 over 2021,” shared the brand in a press release. A balanced breakdown was observed with “direct retail up 17 per cent, wholesale up 16 per cent, and e-commerce up 9 per cent”. 

The group further elaborated that in 2022, its key markets were Europe and America as both were the first to relax public health restrictions and travel was reinstated. Performance on these two continents was up by 24 per cent and 19.5 per cent respectively. In contrast, Asia as a whole saw a decline of 6.3 per cent and the group “[attributed it] to extensive lockdowns and the reintroduction of strict mobility limitations, which in China were only lifted at the beginning of 2023.” Despite the shortfall, its constant focus on service quality has enabled the group to achieve a strong performance that contributed to continuous growth.

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“The medium-long term strategic path I have chosen to undertake continues to prove effective as is evidenced in the results: 2022 ended with further growth that has continued into the first quarter of 2023, further solidifying the Group’s soundness,” commented Giorgio Armani, Chairman and CEO of the Armani Group. 

“I am firmly convinced that operating with a vision aimed at continuity, following a concrete and consistent approach, centred on the values that have always underpinned my creative and managerial philosophy, is the only way to face the challenges and unforeseen events that characterise the current global scenario.”

“In an increasingly difficult and competitive context, I am proud to have been able to maintain my independence and the stability of the Group, also thanks to the work and commitment of my collaborators and employees.”

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On the other hand, in Q1 of 2023, the geographical trends showed a significant shift when compared to 2022. Where most of the growth recorded was from Europe and America, its sales were given an additional boost from Asia. Led by China’s reopening, it reported a 14 per cent growth while Europe climbed 22 per cent and America at only 10 per cent. A slowdown in America has been on the horizon, and other luxury companies have also seen its sales from the region turn sluggish. 

Just this week, LVMH’s Bernard Arnault, the world’s richest person, had US$11.2 billion wiped out after concerns about a softening US economy which will dampen demand for luxury goods. A report by Bloomberg said that LVMH’s shares fell 5 per cent, and this was amid a broader decline that erased about US$30 billion from the European luxury market. Across the board, CEOs at different companies have acknowledged US’ declining growth but most are hopeful of China’s post Covid-19 recovery to offset these differences in sales.

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In a joint statement, Chief Commercial Officer Giuseppe Marsocci and COO and CFO Daniele Ballestrazzi said: “The adjustment period that followed the decision to reorganise the company’s portfolio by focusing on its three main brands, namely Giorgio Armani, Emporio Armani, and Armani Exchange may be considered concluded on a positive note with highly satisfactory sales levels, corroborated by even better growth trends in operating profitability.” 

“In 2022, direct brand turnover — represented by sales of Armani branded products made directly by the group and third-party licensees — reached 4.6 billion euros, with estimated retail sales of over 6.5 billion euros. We are advancing, well ahead of schedule, towards the objectives set for 2025, the year that marks the 50th anniversary of Giorgio Armani.” 

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Top Reasons to Use a Real Estate Agent

Selling a property can be a complicated thing to do, but that’s why property managers and real estate agents exist. Having somebody else take the mental and physical load of selling a property off your hands and doing it for you is one of the best investments that you could make as a homeowner who’s looking to sell. 

You want to be able to maximise your profit when you sell your home, so it can be tempting to save on the cost of real estate agents. Agents can typically charge a Commission plus extra fees to help to sell your house, but this is a cost that could be well worth it if you are looking to sell your home quite quickly. If you’re still on the fence about whether or not you should use real estate agents, check out our reasons why you should hop off that fence and say yes today.

They are professionals at what they do. Professional agents have the benefit of experience and expertise that you don’t have. Not only are they professionally trained, they also possess superior sales and marketing skills, negotiation skills, knowledge of the local area and have industry contacts. They also have an excellent understanding of the legal process of selling a home in a way that you might not as a civilian. When you choose to use a real estate agent you do gain access to that expertise, their contacts and their advice, all of which you should take note of.

They know the local area. One of the best benefits of having a real estate agent is their knowledge of the local area. They understand the local market and they know that the market moves in cycles. They’ll know when the prices are looking to go up or down, and they’ll be able to tell you when the best time of year is to sell in your area. They will understand the trends that help to set the price of your home, too, so it’s vital to make sure that you find a good agent who will work with you to achieve your goals. Quality real estate agents are engaged in the local market every single day so there’s nothing really that slips past them.

They have the best marketing strategies. You’re looking to sell a house here, which means that you need to make sure that you market it correctly. When this happens, it’s easy to miss the mark. Part of the fee that you pay to a good agent goes towards the marketing of your home, which you really do need if you want the best buyers. Quality agents will ensure that your entire marketing plan is targeted in a way that brings the best buyers to your front door.

They have a database of buyers already. You’re looking to sell a house, and real estate agents will know people who are looking to buy one. When you put your house on the market with a real estate agent, your home will go out in a newsletter to potential buyers who might be interested in the type of home you are selling. Hot buyers are those who are looking for a property right now, and your real estate agent will already know who to ask. Agents might also have media contacts from newspapers and local news so that they can help you to get your property notice.

They know how to negotiate. If you’ve never sold a property before, then you may not know how to negotiate when it comes to selling the house even privately or at an auction. Good negotiation skills are a must if you want the sale to be successful. A real estate agent gives you access to those skills without the stress.

They often have a great reputation. You need to be able to trust the person who helps you to sell your house. Choosing a real estate agent with a good reputation is important; using an agent not only brings that experience to the sale but a level of trust. Buyers understand the process of buying with an agent, and agents understand how to put your house out there in a way that’s most appealing. It’s okay to sell a home privately, but a real estate agent, particularly in the luxury market, can make a big difference.

You may end up with more profit. Sometimes, the help of a real estate agent means having a home sold with a high profit margin. Agencies can often put sellers off, but a good agent will easily earn you more money. This then covers their own fee which is exactly what you want to keep your money in your pocket. If you do choose to reuse a real estate agent, you can expect that they’ll be familiar with the local area and they’ll have an understanding of local market trends. They’ll give you an honest account of what your home is actually worth and they will give you links to the best inspectors and surveyors to help this home sale be an easy one.

You’ll save time. To deal with all of the paperwork and phone calls that come with selling a house? The answer is likely not! If you don’t have the time to organise and attend countless viewings, a real estate agent can step in and do this for you, because this is literally their job. There are some major property sales sites like Domain, that only agents can listen to. They’ll be able to negotiate with potential buyers on your behalf, and they’ll be able to make the whole process a quick and stress-free one.

You might end up selling the house a lot faster. Getting your house off the market and sold is the goal, and with all of the expertise we’ve talked about, they should be able to help you to get yours off the market quickly too. If you use an agent you do increase your chances of finding a buyer much faster and selling it for a much higher price. You’ll miss out on connecting with that hot buyers list if you don’t.

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Furnishing Trends Spotted at Salone 2023

What an amazing show put out by Salone del Mobile 2023 and Milan Design Week! With droves of visitors and hundreds of thousands of objects to see, our roving eye spotted these hard-to-ignore trends in the furniture trade.

Pedrali stand at Salone del Mobile 2023. Image: Pedrali

Colour, colour everywhere

One way to attract crows to your stands or make your installation stand out is the use of colour. Attracting hundreds of thousands of visitors to your exhibit is no easy feat. However, for some brands, the use of colour is critical to their success.

Pedrali’s stand was punctuated by pops of colour. Image: Pedrali.

Many brands displayed a huge array of colours from upholstered furniture, chairs, tables, outdoor collections, fabrics and accessories. These colours conveyed energy and personality to the displays. Whether they are bold hues or soft, pretty pastels, the vast palette plays an essential role in psychophysical well-being.

Notable colour-arresting furniture pieces include: Cini Boeri’s 1973 “Botolo” chair reimagined with green legs and yellow ochre fur padding; Jonathan De Pas, Donato D’Urbino and Paolo Lomazzi’s iconic 1968 transformable “Galeotta”; there is also Herzog & de Meuron’s “Porta Volta” chair designed for Molteni & C where an arresting four colour option — sunflower yello, daisy pink, royal blue or silver grey — awaits the new owner; Pedrali’s new collection of tables and chairs helped energize the space and drew in the eyeballs; the Arper stand was also rife with colour especially the multi-colour “Ralik” modular sofa system designed by Ichiro Iwasaki; Baxter’s leather-focused sofa showcased a bright blue hue on sofas, armchairs and dining chairs.

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Sustainable Future

Flos stand at Salone 2023 was eco-friendly with no glues used. Image: Flos.

At the crux of Salone del Mobile 2023 was the theme of sustainability. It was an agenda not just for the organiser, but rather for the furniture industry to participate in the global effort to reduce, reuse or recycle. Many brands showed off their exhibits by using glue-free stands such as the gigantic set-up executed by lighting giant Flos. In fact, many brands made it a point to reuse their materials for the next show. Some brands made their stand design more easily disassembled, rather than be thrown into the dump after the show. However, a growing number of brands have flaunted their research capabilities into materials and processes that do less harm to the environment.

Here are some highlights of brands that honoured the sustainable agenda via their products and exhibits: The “VentiTre walk-in closet” made by Lema is 100 per cent recycled wood and makes for easy dismantling; Porro also demonstrated that it cared for the environment by minimising waste and consumption and using only selected raw materials for its stands, not forgetting, it offered a “Soffio” seating system that uses recycled fibre padding, too; Cassina’s voluminous “Moncloud” sofa designed by Patricia Urquiola stands out with its 100 per cent, glue-free product that supports circularity: the inserts are made from “Circularrefoam” — a polyurethane foam made with a percentage of recycled polyols, plus it is easy to dismantle the product’s end of life.

Fashion Forward

While fashion-based furniture might not be the appetite of real furniture lovers, there were brands in full force to demonstrate their creativity. The mainstay of fashion furniture brands is probably the logo mania whether done discretely or emblazoned explicitly, helped to draw eyeballs and footfall to their stands. In addition, the use of luxe materials such as suede, leather, croc-leather, marble, brass, and other precious stones for their products helped to turn heads and beckoned attendees to sit and experience the tangible surfaces.

Here are some of the brands that still made an impact in the furniture industry: Armani/Casa’s 2023 collection was not exhibited at Salone, but rather at Palazzo Orsini, where a range of sophisticated products inspired by nature took centre stage; For Dolce&Gabbana Casa’s 2023 collection, it pulled out all the stops to create a showstopping exhibit where it flaunted its “Oro 24K” line of opulent Baroque embellishments and the “DG Logo” line pervasive in all their products; Over at Roberto Cavalli Home Interiors, the “Animalier” prints were dramatically emblazoned on most of its furnishing items; At the house of Versace Home, Donnatella’s vision of furniture embracing classicism and mythology was aided by renowned architects Roberto Palomba and Ludovica Serafini from ps+a studio who created stunning sofas clothed in black croc-leather, or a side table featuring a leather-clad top, among others.

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Wood, Wood Everywhere

When designing for a sustainable future, the trend to use natural, sustainable wood became the hero material in the interior industry. Many brands at Salone del Mobile 2023 created wood-focused products for homes. The trend was to keep it as natural as possible, highlighting the grain of the wood via see-through finishes while the aesthetics of the object was kept simple and minimal.

Here is our pick of wood-loving furniture brands that elevated this trend:
The historic Austrian brand Gebrüder Thonet Vienna, showcased the new “Mickey” armchair designed by French-Iranian architect India Mahdavi using bentwood techniques to create the “ears” at the back; there was also the “EN” chair designed by Danish designer Cecilie Manz that complemented the round maple wood table in the same collection; Very Wood’s gorgeous exhibit at Salone 2023 was the “Weekend” series of ash-wood chairs designed by Neri&Hu — concave backrest using curved wood (“Saturday”) and another featuring a snug backrest which embraces the seat (“Sunday”); lastly, the “Raggiosole” 100 per cent eco-friendly wood veneer designed by Konstantin Grcic for ALPI stood out because of the chromatic effect showcasing a smooth transition of hues

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