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Tag: Giorgio Armani

  • Giorgio Armani Asia suffers in China

    Giorgio Armani Asia suffers in China

    Italian fashion house Giorgio Armani Asia is the latest luxury retailer to cite greater China as the cause of a downturn in sales.

    Burberry and Hugo Boss have also been hit by China’s economic slowdown, leading to Hugo Boss cutting its prices in Asia.

    Armani says revenues grew 4.5 per cent last year, a 16 per cent drop from the year before. Revenues totalled €2.65 billion (US$ 2.95 billion). Prada had sales of €3.55 billion.

    The Milan-based group, whose products include accessories, cosmetics and furniture, and the more affordable Armani Exchange range, says earnings before interest, tax, depreciation and amortisation edged up 1 per cent to €513 million last year, from €507 million in 2014.

    Despite the slowdown, the firm says its cash reserves of €640 million allowed it to step up investments in its brands to “further strengthen its competitive market position”.

    “These results are the outcome of an attentive diversification policy for the group’s lines, paired with the co-ordination of distribution channels and enhancement of the role that our trade partners play,” says president Giorgio Armani, who founded the company in 1975. The 81-year-old designer is still actively involved in the business.

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  • Genesis Luxury takes on Coach India

    Genesis Luxury takes on Coach India

    Indian fashion conglomerate Genesis Luxury Fashion has formed an exclusive partnership to New York design house Coach to introduce it to the Indian market.

    The first Coach India store will open to coincide with the brand’s 74th anniversary this year.

    “We are confident the brand’s commitment to heritage and innovative design will be warmly embraced by the growing number of Indian luxury consumers, who are innately drawn to craftsmanship, ” says Genesis Luxury MD Sanjay Kapoor.

    “Coach has tremendous potential in our market, and with our shared vision and well-defined strategies, we are focussed on accelerating its retail presence and visibility across key cities in India over the next few years. ”

    Coach international group president Ian Bickley says the company is confident its luxury store environment featuring designer Stuart Vevers will be “embraced and coveted” by fashionable Indian buyers.

    Established in New York City in 1941, Coach is known for its leather goods.

    After consolidating the Indian fashion market with such designer labels as Bwitch and Satya Paul, Genesis Colors (established in 2001) moved into marketing and distributing global luxury brands through its subsidiary Genesis Luxury Fashion in 2008. Its portfolio includes Burberry, Bottega Veneta,Canali, Giorgio Armani, Emporio Armani, G-Star Raw, Hugo Boss, Jimmy Choo, Michael Kors, Paul Smith, Tumi and Villeroy & Boch.

  • Asia driving L’Oreal growth despite market turbulence

    Asia driving L’Oreal growth despite market turbulence

    Asia is driving huge growth for cosmetics giant L’Oreal, despite a slowdown in Hong Kong.

    At the end of September, L’Oréal posted growth of 4.4 per cent on a like-for-like basis – and 21.9 per cent based on reported figures as the company expands its retail network and wholesale operations in the region.

    Kiehl’s, Yves Saint Laurent and Giorgio Armani contributed to dynamic growth of the L’Oreal Luxe division, despite the context of slower third-quarter growth in Hong Kong and Travel Retail Asia.

    The Consumer Products Division is performing well in India, Australia and Thailand. In China, growth at L’Oreal Paris is accelerating, while Magic is undergoing a transitional period. The Active Cosmetics Division is growing strongly, thanks to the success of La Roche-Posay, L’Oreal reported in its quarterly filing.

    Jean-Paul Agon, chairman and CEO, said at the end of September, the group’s reported growth is strong, at 13.2 per cent, still supported by a positive currency effect.

    “Despite a global context that is still volatile, we are confident for the year end. The beauty market remains dynamic. In each Division, our brands are pushing forward with successes such as Maybelline and NYX in the Consumer Products Division, Yves Saint Laurent, Kiehl’s and Urban Decay at L’Oréal Luxe, Redken in the Professional Products Division and La Roche-Posay at Active Cosmetics,” he said.

    “Finally, the acceleration of our digital transformation is making us stronger, in particular with the rapid increase (40 per cent) of our eCommerce sales which should significantly exceed 1 billion euros this year.

    “We are confirming our ambition to outperform once again the beauty market in 2015 and to achieve significant growth in both sales and profits.”

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