“A strong semester for the Group has been underpinned by strategic delivery and continued brand growth,” the company said in a media release.
Italian fashion house Prada is on pace to meet its medium-term goals as the company reported net sales of 1.9 billion euros for the first half of 2022, ending June 30, 2022, an increase of 22 % compared to the first 6 months of the year. In 2021. The company’s retail sales increased to 1.7 billion euros, up 26% compared to the first 6 months of 2021 and up 38% compared to the first 6 months of 2019.
Prada recorded strong performance across all product categories, with leather goods up 18 per cent, readymade garments 32 per cent and footwear up 39 per cent year over year. Rich product offerings and improved operations drove gross margins to 77.7% and adjusted EBIT margins to 17.4%. The company’s net cash balance is 179 million euros.
Patrizio Bertelli, CEO of Prada Group, commented: “During the first six months of 2022, the Prada Group grew in both revenue and profit, continuing to invest with a long-term perspective in innovation, industrial know-how and product innovation. We continue to build sustainability at the heart of our business; we want our actions to align with Prada’s distinctive identity, making us relevant and inspiring for our customers.
“Thanks to our global presence and geographical sales distribution, we have more than offset the impact of the various closures in Mainland China and the sanctions on Russia, where we continues to support its people despite the store closures. Although trading is currently going strong, the global economic and political outlook is highly uncertain and a basis for caution. Our strengths give us the confidence to execute a strategy that fully exploits the potential of the brand. We are confident we will achieve our medium-term financial and operational goals.”
Fiber2 Fashion News Desk (KD)
