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Prada clocks revenue of €3,142 mn in 2018, up 6% from 2017

Mar '19
Pic: Prada Group
Pic: Prada Group
The Prada Group, a global leader in the luxury goods industry, has clocked revenues of €3,142 million in 2018, up by 6 per cent at constant exchange rates compared with €3,056 million for 2017. The retail channel of the company grew at 7 per cent at constant exchange rates, while the development of the wholesale channel was more contained at 1 per cent.

For the company, sales in Asia Pacific grew by 10 per cent at constant exchange rates, with increases across all the main markets fuelled by both local consumption and intra-regional tourism flows. Sales in Greater China rose by 8 per cent at constant exchange rates. Sales in the American market, sustained by local customers and tourists, grew by 4 per cent at constant exchange rates, said Prada in a media statement.

Performance in Europe was positive, despite a decline in tourism flows, with sales up by 3 per cent at constant exchange rates, supported by domestic consumption; local consumption continued to support the Japanese market, with 7 per cent growth at constant exchange rates; Middle East showed progress with growth of 5 per cent at constant exchange rates.

Sales of Prada’s Miu Miu brand increased by 2 per cent for 2018 at constant exchange rates, with Ready-to-Wear up by 7 per cent.

“The results of 2018 demonstrate that our recent initiatives have been met with a positive reaction by the market, with a return in terms of revenue growth. The strategic renewal and subsequent organisational review, which will be completed in the months to come, will give the company a more dynamic structure and a renewed capacity to interpret the cultural evolution of the new generations with which to share the identity of our brands,” said Patrizio Bertelli, CEO.

“We have already started a technological upgrade programme that will increase control and efficiency of all business factors, from marketing to logistics and from product to customer service. It is clear that the digital transformation has radically altered relationships with consumers, making them ever more aware of their purchasing choices. In this context, communication takes on an even more crucial importance to effectively reach our customers. With this objective in mind, we will continue to invest in all our digital assets to create an increasingly immersive brand experience with a unique and engaging involvement at all touch points. We are also investing to strengthen the industrial infrastructure to ensure timely responses to the different needs of the individual markets, translating our creative vision of the evolution of looks into products readily available at our stores. In the next few months we will be engaged in accelerating this renewal process, and I am certain that all those initiatives, essential for the group’s future, will create value for our shareholders in the medium-long term,” added Bertelli. (PC)

Fibre2Fashion News Desk – India

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