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Prada's revenues climb 29 percent

Prada reported a 29 percent increase in full-year sales, led mainly by demand in Europe and Asia

Prada's revenues climb 29 percent

Nathania Zevi

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Prada SpA, the Italian fashion brand famous for its leather goods owned by Patrizio Bertelli and Miuccia Prada, reported a 29 percent increase in full-year sales, led mainly by demand in Europe and Asia.

Revenue climbed to 3.3 billion euros ($4.4 billion) in the 12 months through January, the Milan-based company proudly said in a statement.

These results follow what Prada had already said in December, that the management  was confident of positive full- year results as shoppers spent more on higher-priced goods and Asian tourists helped buoy demand in Europe.

"The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy," Prada CEO Patrizio Bertelli said in the statement.

As far as sales are concerned, full-year sales climbed 19 percent in Italy, 33 percent in the rest of Europe and 23 percent in the Asia-Pacific region. Sales gained 15 percent in the Americas and 8 percent in Japan on the same basis and growth was driven mainly by the Prada and Miu Miu brands.

Sales in Prada's own stores (which have multiplied over the past years) climbed 29 percent, while wholesale revenue grew 6 percent, excluding currency swings, even as the number of third-party outlets fell.

Prada said it will likely report full-year results on April 5.

(Sources: Bloomberg, Reuters)

 

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