Italian fashion house Giorgio Armani managed to keep its operating profit steady last year and grow net sales by 6% at constant currencies, despite a ‘single-digit’ slowdown in revenues in the second half which continued this year.

The weakening in sales observed through the first six months of 2024 reflects “an adjustment within the luxury market, especially in the Asia ex-Japan region and the more accessible segment of the offer,” Armani said in a statement.

Armani said the group had hiked retail prices only modestly, despite higher inflation driving up costs, because it remained focused on medium-term goals and would not use prices to inflate sales and margins in the meantime.

“We are well-prepared to manage a market slowdown without needing to maximise year-on-year profit at all costs,” Giorgio Armani, who turned 90 earlier this month, said in statement.

“I remain steadfast in my belief that a focus on continuity and a pragmatic, consistent approach … is the only way to navigate the challenges and uncertainties that characterise today’s environment,” Armani, who is chairman and chief executive of the group he founded, added.

Operating profit at the Milanese group, which makes more than half of its revenues in Europe, totalled 215 million euros.

The family-owned group posted net revenues of 2.45 billion euros ($2.65 billion) last year. ($1 = 0.9244 euros)