- Don-Alvin Adegeest |
2017 was not the best financial year for the Prada Group, with its main brand lagging in growth and digital relevance. Its prices were expensive, too, with little entry price points for the consumer who can’t afford its high-end, high price accessories.
But a lot can happen in a year. This week Prada approved its H1 group results, which CEO Patrizio Bertelli said “a new phase of progress has begun in which Prada Group can deliver its full potential.” The key takeaway from its results is the company saw a return to revenue and margin growth, as well as positive performance across all markets and product categories. Prada saw net revenues at 1.5 billion euros (1.7 billion US dollars), a 9 percent growth compared to just 3 percent last year.
Bertelli said in a statement: "We are always working to reshape the Prada Group to adapt to the rapid changes in society and to interpret the spirit of new generations without losing our brand integrity. Today the results of this transformation are visible and supported by many positive signs from the market, confirming the soundness of our strategic choices.
We will continue our path of sustainable growth, based on the creative leadership of our brands and the attractiveness of our retail network, where we see great potential to be unlocked through integration with digital technologies.
I am confident that this new phase of growth will be translated into value creation for all Group stakeholders.”
Photo credit: Prada AW18 campaign, source; Prada website