Armani Group net revenues dropped 2.8% at constant exchange rates to €2.19 billion in 2025. The company said the first months of 2026 have followed a similar trend.

In a mixed year, 2025 marked both the Italian fashion group’s 50th anniversary, as well as the passing of its founder, Giorgio Armani, in September. His will instructed his heirs to offload a 15% stake in the business within 18 months of his passing to preferred bidders — LVMH, L’Oréal, or EssilorLuxottica — with between 30% and 54.9% to be sold to the same buyer three to five years later. Otherwise, an IPO could be pursued, the will stated. No buyer has yet been found, but the company appointed Giuseppe Marsocci as CEO in October 2025, and has expanded its board to eight members to oversee the transition.

“We have continued to operate at our best, following the strategic direction set out by Mr. Armani, with healthy and prudent management, as the qualitative components of our sales confirm, taking a long-term view of the group rather than focusing on immediate profit maximization,” Marsocci said in a statement released on Wednesday. “Our attention, study, and evaluation of the market are at the highest level at this time: we are facing a possible structural change in the approach to luxury and fashion, by current and potential consumers, which must be taken into account.”

Operating profitability improved for the full year, with EBITDA up 3% and EBIT up 2%. The group’s high-end lines outperformed, with double-digit growth across the Giorgio Armani Privé label and Giorgio Armani boutiques. The company also saw positive growth in the home category, hotels, and food and beverage, “confirming more dynamic experiential market segments and the lifestyle credibility of the brand”, the company said.

The direct-to-consumer (DTC) channel grew 2%, while indirect sales declined 7%, due to a drop in wholesale orders. The decline is, in part, owing to caution from sales partners, alongside the group’s decision to be more selective about its wholesale distribution.

Performance was balanced across key geographical markets — Europe, Asia, and America — which the company said further enforces its stability.

“We cannot fail to recognize the need to adapt to a changing context. However, we are optimistic, because today more than ever, the company’s and the brand’s identity are reflected in the founding principles that Mr. Armani set in his business legacy,” said Marsocci. “These values, rooted in his model of discreet, timeless elegance, as well as the idea of a solid and prudent enterprise, are extremely relevant given the times we are living in.”