The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Prada Group reported 2021 revenues that grew 41 percent year-on-year to E3.36 billion ($3.83 billion) , closing the year up 8 percent compared to 2019′s pre-pandemic levels.
For over a year, Prada has been flagging a strong recovery in retail sales, but overall revenues continued to trail pre-pandemic levels due to a slower rebound in the wholesale as well as at its smaller MiuMiu and Church’s labels.
Surging sales in Prada’s retail business helped the company to finally turn a corner. Second-half sales for directly-owned stores and e-commerce accelerated to grow 21 percent versus 2019 levels, compared with a two-year growth rate of 8 percent during the first half.
Operating profit increased “significantly” due to lower discounting and less reliance on wholesale, the Milan-based company said in its statement Tuesday.
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After a lengthy turnaround, CEO Patrizio Bertelli outlined ambitious growth plans for the brand, laying the ground to hand over control to his and Miuccia Prada’s son Lorenzo.
The Hood By Air co-founder’s ready-to-wear capsule for the Paris-based perfume and fashion house will be timed to coincide with the Met Gala in New York.
The result confirms sector-wide fears that luxury demand would continue to slow.
IWC’s chief executive says it will keep leaning into its environmental message. But the watchmaker has scrapped a flagship sustainability report, and sustainability was less of a focus overall at this year’s Watches and Wonders Geneva.
The larger-than-life Italian designer, who built a fashion empire based on his own image, died in Florence last Friday.