Giorgio Armani has revealed falling sales and profits while warning that the falling figures are due to continue for the next two years.
In 2017 the luxury fashion retailer saw revenues drop seven per cent on a constant currency basis to £2.05 billion, while operating profits fell 5.4 per cent to £390 million.
Though it put its poor results, which mark the second consecutive year of falling sales, down to an internal reorganisation, it cautioned that it would likely be 2020 before it returned to growth.
“These results fit in the context of a cycle of anticipated and contained decline in net revenues and operating margins, attributable to the consolidation,” it stated.
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