Record profit growth for PRADA in the first quarter
The Italian fashion house released its first quarter results this week, with profits up by a staggering 111 per cent, lifted by growth in all markets, in particular the Asia-Pacific region and Europe, and a stellar performance of its leather goods category. Net profit was up by 111 per cent to €121.7 million, up from €57.7 million last year. Revenues were boosted by 47.9 per cent to €686.7 million, up from €464.3 million.
Prada listed on the Hong Kong Stock Exchange last year and its strong presence in Asia is paying off with both Prada and Miu Miu performing strongly, seeing an increase of 53.2 per cent and 30.8 per cent respectively. Geographically, Europe was up by 55 per cent, which was mainly attributed to inbound travellers from Asia. The Asia-Pacific region also remained strong with sales up by 46.9 per cent, whilst sales in theAmericasgrew by 34.1 per cent and Japan surged by 38.7 per cent.
All product categories contributed towards the Group’s net revenue growth. Leather goods, up by 58.2 per cent now account for more than 62 per cent of consolidated sales while clothing (+29.7 per cent) and footwear (+36.3 per cent) also performed well for the luxury house.
Patrizio Bertelli, CEO of Prada Spa said: “We are extremely pleased with the results achieved this quarter in terms of sales and profitability, especially as we have achieved them in an uncertain and very unpredictable international environment. We are more certain than ever that we have chosen the correct route to growth based on a balanced geographical presence around the world and on the strength of our brands,”
“We remain confident of our ability to achieve our objectives and shall closely monitor the economic situation in the countries where we operate to ensure that our strategy of medium-term growth is compatible with requirements on the various markets.”