Prada continues momentum in first half

Worldwide
Published:  08 August, 2022
Credit: Prada

Prada has reported its financial results for the first half of the year, achieving a revenue increase of 22% to €1.9 billion.

Retail sales for the luxury fashion group were €1.7 billion, an increase of 26% year-on-year and 38% on pre-pandemic 2019’s first half.

There was a strong performance across all product categories in the period, with leather goods increasing by 18%, ready-to-wear seeing growth of 32% and footwear up by 39%.

Regionally, retail performance saw a dip in Asia Pacific of 7% year-on-year to €590 million (up 26% over 2019) following lockdowns in Mainland China, mitigated by strong performance in South Korea and South East Asia, and Prada reports that Mainland China has seen improvements since store reopenings in June.

In Europe, growth was 89% to €486 million over the same period in 2021 (up 34% over 2019), driven by an increase in tourism in the second quarter. Meanwhile, the Americas achieved growth of 41% to €360 million, with significant growth of 116% over pre-pandemic 2019.

CEO Patrizio Bertelli said: “Thanks to our global presence and geographical distribution of sales, we have more than compensated for the impact of the various lockdowns in Mainland China and sanctions on Russia, where we continue to support our people despite store closures.

“Although current trading is strong, the global political and economic outlook is very uncertain and provides ground for caution. Our position of strength gives us confidence to execute against our strategy to fully exploit our brands’ potential. We are confident that we will achieve our medium-term financial and operational targets.”