Armani’s future? “There is nothing new, although we continue to perceive a very high level of respect and interest”, said Group CEO Giuseppe Marsocci. The fashion house has presented its 2025 results, showing a slight decline in revenue but improved margins. Licensed operations are often seen as something of a thorn in the company’s side, yet for Marsocci they form part of the cultural — as well as economic — legacy of Re Giorgio.
Armani slightly down
The Armani Group closed 2025 with revenues of EUR 2.192 billion, down 2.8% compared to 2024. “A figure that almost doubles to EUR 4 billion if we also consider the direct turnover of licensees”, Marsocci noted in comments to Il Sole 24 Ore. Despite the modest drop in sales, the group’s profitability improved: EBITDA reached EUR 152.7 million (+3.2% year-on-year), while EBIT (EUR 52.6 million) also increased compared to 2024.
Marsocci explained that directly operated retail grew by 2% at constant exchange rates, while indirect channels declined by 7%, mainly due to reduced wholesale orders and “the reasonable caution of distribution partners within the broader market context”. The strongest-performing segment was the high-end, full-price category, which recorded double-digit growth.
Three key points
Marsocci focused on three main aspects. First, he clarified that the performance of the first quarter of 2026 is in line with that of 2025. Second, he emphasised the cultural (and commercial) value of licensing — seen by some industry experts as a critical issue, given that its contribution is almost on par with direct revenues. For Armani’s CEO, however, this is not a weakness but a strength: “Every licensing agreement is a long-term partnership”.
The third point concerned the group’s future and adherence to the directives outlined in Giorgio Armani’s will. Marsocci stated that there are no updates: “We, too, are counting the passing months, but we remain focused on managing the company — especially given the geopolitical landscape”. He added that investments will continue along the lines set in 2025, namely digital transition, sustainability, and the refinement of the retail network.
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