fashion

Prada reports 'robust' sales-driven growth despite pandemic


Italian luxury label Prada on Tuesday reported
“robust” growth last year, driven by strong sales despite the continuing
disruption of the coronavirus pandemic.

Group revenues for 2021 reached 3.36 billion euros (3.8 billion dollars), up 41
percent in 2020 and up eight percent in 2019, according to initial figures
adjusted for exchange rate changes.

The second half of 2021 “showed significant improvement in terms of
revenues, margins and cash generation”, the group, which also includes the Miu
Miu, Car Shoe and Church’s brands, said in a statement.

Sales in shops directly run by Prada, including online, rose 27 percent in
the second half of the year compared to 2020 and 21 percent against 2019
levels.

Chief executive Patrizio Bertelli commented: “2021 was a year full of
challenges but we proved to be ready and quickly responded to the needs of an
extremely dynamic market.”

In 2020, when the coronavirus pandemic forced the closure of many shops and
halted international tourism, the label suffered a net loss of 54 million
euros.(AFP)



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