Armani's profits look the part Giorgio Armani said operating profit climbed 23 per cent in 2011 as the Italian fashion retailer expanded its retail network and continued to develop its presence in China. Operating profit reached €281.8m last year, while revenue rose 14 per cent to €1.8bn. Sales at all brands and in all geographical areas increased, with total growth outstripping the 5.4 per cent average increase of the past 10 years. Growth continued early this year with revenue in the first quarter advancing in "double digits," Milan-based Armani said. Even before the financial crisis began to hamper economic growth in Europe, Armani had started to look to China and other parts of Asia for growth. Sales in China jumped 45 per cent last year, three times more than the rate for the company as a whole. Of the 100 stores opened in 2011, 28 were in China, more than in any other country. Europe had 12 openings, followed by North America with 11, and Japan with eight. "On the basis of these results, we look with cautious optimism to 2012 and beyond and reconfirm our long-term strategic development plans," said Giorgio Armani, chairman and owner. Part of that plan is to continue to focus on China and emerging markets for growth. Mr Armani is part of a small group of Italian fashion houses to shun a public share sale, even after rivals have turned to the stock market to raise money to fund expansion and pay down debt. Others to have avoided the stock market while remaining mostly in the hands of the founding families include Loro Piana, Ermenegildo Zegna, Dolce & Gabbana and Versace. Prada has been listed in Hong Kong since June of last year, the same month that Salvatore Ferragamo began trading in Milan. Brunello Cucinelli, a maker of luxury cashmere sweaters, sold shares on the Milan exchange last month. Armani is the latest luxury goods company to report better profit last year. Gianni Versace swung to a €8.5m net profit in 2011 against a loss of €22m in 2010. Prada's net profit jumped 72 per cent in the year ended January 31 to €431.9m. Armani - which sells its clothing, eyewear, watches, cosmetics and furniture under brand names including Giorgio Armani, Giorgio Armani Privé, Emporio Armani, Armani Junior and Armani/Casa - had €643m in net cash at the end of last year, up from €604m at the end of 2010.