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Prada outperforms previous figures and projects big goals

Pedestrians pass a Prada SpA store in Milan, Italy, on Wednesday, Nov. 17, 2021. Prada Chief Executive Officer Patrizio Bertelli plans to put his son Lorenzo in charge of the Italian fashion company within the next three years, a generational shift aimed at keeping the business under family control. Photographer: Alessia Pierdomenico/Bloomberg via Getty Images

Prada has just announced its quarterly results: retail sales in the third quarter increased by 18% compared to the same period in 2019. A rebound also compared to the pandemic period of 2020.

 

Prada’s retail sales in the third quarter are up 18% from two years ago. This marks an acceleration from the 8% growth rate in the first half of the year. Last year, due to store closures and a lack of tourism, Prada’s sales dropped to €2.4 billion.

 

On the territory side, it is worth mentioning that the Italian brand’s sales in America almost doubled. In the first half of the year, overall sales increased by 8% over 2019, to 1.5 billion euros ($1.7 billion).

 

Prada was able to take advantage of the health crisis, with the increased use of online platforms. As a result, profitability has accelerated, with operating margin once again above 2019 levels.

 

The good results do not prevent Prada from already counting on the future: the luxury group aims to increase its revenue to 4.5 billion euros per year in the medium term, which is a growth of 40%. Thus, online sales should reach 15% of total retail sales, and retail density could increase by 30% to 40%. This sales growth target remains to be compared with a turnover of 3.2 billion euros in 2019, and the record turnover of 3.6 billion euros recorded by the group in 2013.

 

 

Read also > PRADA REPORTS STRONG FIRST HALF RESULTS

 

Featured Photo : © Getty Images

The editorial team

Thanks to its extensive knowledge of these sectors, the Luxus + editorial team deciphers for its readers the main economic and technological stakes in fashion, watchmaking, jewelry, gastronomy, perfumes and cosmetics, hotels, and prestigious real estate.

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