Prada posts strong uplift in half year sales
Luxury brand Prada has seen its first half revenue climb by 20% to €2.23 billion as its focus on creativity and a strong brand identity continues to deliver results.
In the six months to 30 June, retail sales rose by 21%.
Andrea Guerra, group chief executive of Prada, said: “Retail growth continued to be driven by like-for-like full price sales, with Prada remaining on a sound trajectory and Miu Miu reporting a remarkably strong performance, thanks to a strengthened identity and increasing visibility.”
The company said its rebound in its Asia Pacific region continued in the period, with retail sales up 25% year-on-year. Meanwhile, sales in Europe, Japan and the Middle East increased by 24%, 49%, and 14% respectively, although sales in the Americas edged down 1%.
Prada said its achieved double-digit growth across all product categories, including leather goods, ready-to-wear and footwear.
The company also reported a continued profitability improvement with an EBIT margin of 22% and an EBIT of €491 million.
Guerra added: “The group’s profitability further increased while we continued to consolidate our brands’ desirability with higher investments.
“We are still at the beginning of our strategic journey: we need to act with a long-term perspective, continuing to invest behind our brands, maintaining maximum focus on retail execution and productivity.
“For the current year, we retain our ambition to deliver solid, sustainable and above-market growth.”
