UPDATED JANUARY 15TH 2015: Added new images.
The models are Vittoria Ceretti and Antonina Petkovic. The image was shot by Boo George. (source)
Click the links to view past campaign images of Emporio Armani: Fall Winter 2014, Spring Summer 2014, Fall Winter 2013, Spring Summer 2013, Fall Winter 2012, Spring Summer 2012, Fall Winter 2011, Spring Summer 2011, Fall Winter 2010, Spring Summer 2010 and Fall Winter 2009.