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Prada boosted by strong first half performance

Prada has posted a 22% increase in half year net revenues to €1.9 billion despite lockdowns in mainland China and sanctions in Russia impacting trade. In… View Article

FASHION RETAIL NEWS UK

Prada boosted by strong first half performance

Prada has posted a 22% increase in half year net revenues to €1.9 billion despite lockdowns in mainland China and sanctions in Russia impacting trade.

In the six months to 30 June, retail sales rose by 26% year-on-year to €1.7 billion and by 38% on pre-pandemic levels in 2019,

The brand said it put in a strong performance across all product categories including leather goods, ready-to-wear and footwear.

Patrizio Bertelli, Prada group chief executive, said: “In the first six months of 2022, Prada Group delivered growth in both revenue and profitability, continuing to invest with a long-term perspective in creativity, industrial know-how and product innovation.

“Thanks to our global presence and geographical distribution of sales, we have more than compensated the impact of the various lockdowns in mainland China and sanctions on Russia, where we continue to support our people despite store closures.”

Looking ahead, Prada said it is continuing execute its strategy with a focus on creativity, quality and the customer experience.

Bertelli added: “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.”

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