Prada H1 revenues grow by 36.5 percent

Monday, 06 August 2012

The Prada group recorded preliminary revenues of 1.5 billion euro’s (1.9 billion dollars/Rs 10,539 crores) in the first half of the financial year ending July 31, 2012, a 36.5 percent increase over the first half of financial year 2011.
The retail channel, on which the group strategy concentrates, contributed sales of 1,2 billion euro’s (1.5 billion dollars/Rs 8,320 crores) or 80.6 percent of the group total. This was up by 47.2 percent compared to the first half of 2011. Wholesale sales also increased by 4.8 percent.

The group’s sales in Italy rose 21.7 percent. In Europe it was up by 37.3 percent, in Asia Pacific by 45 percent, in the Americas by 31 percent and Japan by 34.2 percent as compared to the same period last year.

Patrizio Bertelli, CEO of Prada, has expressed his satisfaction with these results which were achieved in an extremely difficult economic environment with the market continuing to reward Prada for its unyielding commitment to style and the pursuit of quality.

The growth of the business was driven mainly by the Prada and Miu Miu brands which grew by 40.5 percent and 23.6 percent respectively. In the first half of 2012, in line with its strategy, the group continued to develop its retail network, opening 28 new stores. Its products are sold in 70 countries worldwide through a network that includes 414 directly operated stores (DOS) at July 31, 2012 and a selected network of luxury department stores, independent retailers and franchise stores. Of the 414 stores, 263 are Prada, 102 Miu Miu, 43 Church’s and six Car Shoe.

The Prada group is in the luxury goods sector where it operates with the Prada, Miu Miu, Church’s and Car Shoe brands in the design, production and distribution of luxury handbags, leather goods, footwear, apparel and accessories.