The Armani Group has announced the results for the 1st half of 2004. Amongst the best for the sector, consolidated revenues amounted to 644 million euros, 5% up (+8% at constant exchange rates) compared to the 1st half of 2003, and Ebitda was equal to 122 million (19% of billings), an increase of 14%. Amounting to 89 million euros (14% of billings), the growth in Ebit was 23%.

During the first half of 2004, sales by wholly-owned stores rose in all markets (at constant exchange rates): China and Hong Kong +47%, Japan +8%, Usa +7%, Europe +6%.

Growth also for the brands: 10% for Giorgio Armani, 5% for Emporio Armani and 4% for Armani Collezioni.

There was also a significant increase in the Armani Group¡¯s order portfolio for the spring/summer 2005 collections: Giorgio Armani/Emporio Armani Accessories +30%, Emporio Armani watches and jewelry +30%, Armani Casa +22%, Armani Junior +17%, Armani Jeans +11%, Armani Collezioni +7%.

Giorgio Armani, the chairman and chief executive of Giorgio Armani SpA, declared: ¡°During the first half of 2004 the Armani Group had one of the best results of the sector, with a significant increase in profits following the considerable growth of our brands and products in all geographical areas. I would like to underscore the positive sales trend for wholly-owned stores ¨C especially in key markets, such as the United States and Japan, and in the emergent Chinese market ¨C and the brisk growth in our accessories business. As we approach the company¡¯s thirtieth anniversary in 2005, I am confident that the 2004 results ¨C with an upturn in profits backed by constant development ¨C will once again show the soundness of the Armani Group and the strength of its brands.