Is Armani up for sale?

After a very difficult 2020 due to Covid, things are looking up for the Italian fashion house Armani. In the meantime, rumours regarding a possible sale are increasing again.

Recovery

Armani’s total sales rose by 34 % in the first half of 2021, mainly thanks to its operations in the United States and China. Revenues from directly operated retail channels (excluding wholesale and licensing) grew by 59 % compared to the same period last year, Yahoo Finance writes. The company hopes to be back at pre-pandemic levels next year.

Last year, the luxury group’s turnover fell by around a quarter to 1.6 billion euros, leading to an operating loss of 29 million euros. This year, Armani expects much better profitability, although the company does not disclose any further financial details.

Speculation about possible succession plans at Armani have increased recently, especially after the 87-year-old designer said that he did not rule out a collaboration with another Italian company. In particular, Exor (the holding company of the Agnelli family and owner of Ferrari) has been named within that context.