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Armani sales up 18% in Q1 as Asia rebounds

STORY: Armani was back in fashion with Asian buyers in the first quarter.

Its popularity in the region helped sales jump 18% overall during the period.

Armani said positive momentum from last year ran into Q1.

In Asia, sales were up 14%, and the firm said Europe was on a positive trend too.

The privately owned Italian fashion group also saw modest growth in the U.S.

But a U.S. slowdown is expected in the coming months and could see a slowdown in luxury demand in the country.

Those concerns saw Europe's luxury stocks fall this week.

Armani also said its full year revenues for 2022 were up 16% to just under $2.6 billion.

That was lifted by sales in Europe and the U.S., while Asia slowed due to health crisis restrictions.

The luxury firm saw operating profit rise 30% last year to $217 million.