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Giorgio Armani FY16 revenues down 5 percent

By Prachi Singh

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Business

Italian fashion group Giorgio Armani posted 5 percent decline in revenues last year and its Founder cited that the year 2017 will continue to be "complicated" for the company, said a Reuters report.

According to the report, the 82-year-old Armani, who founded the company in 1975, told media, "Last year has been complicated, for us like for other brands and next year will continue to be so." He spoke to the reporters after the Milan men's catwalk show for his Emporio Armani line.

He further added that the company had "a lot of cash and he thought that the fashion industry would need a couple more years to return to previous levels of sales.

The group’s revenue of 2.65 billion euros (2.81 billion dollars) in 2015 were up 4.5 percent at current exchange rates, compared to a 16 percent rise in 2014 due to the low tourist spending and overall slowdown faced by the luxury segment.

Picture:Giorgio Armani

Giorgio Armani