Prada records net loss of €180 million

Worldwide
Published:  03 August, 2020

The Italian luxury fashion label said retail sales were significantly impacted by store closures in the first half of 2020 due to the Covid-19 pandemic.

At constant foreign exchange rates, Prada’s retail sales declined 32% for the first half of the year, while wholesale sales were down 71%. The company said that, on average, 40% of the retail network was closed from February to May, reaching a peak of 70% in April. E-commerce sales are said to have delivered triple-digit sales growth during and after the lockdowns. During the first half net revenue totalled €938 million, down 40%, and selling expenses of closed stores during lockdowns were €112 million. The luxury fashion label recorded a net loss of €180 million.