Prada attributes positive growth in 2018 to digital assets

Prada S.p.A. is entering a "new phase of strategic renewal," according to CEO Patrizio Bertello. The company's board of directors met today to approve its Consolidated Financial Statement for 2018. Prada's financial results as of December 31, 2018 showed a revenue growth of 6 percent compared to 2017's results, amounting to 3.142 million euros.

Along with progress in all geographic areas and across product categories, the group saw a 7 percent growth in its own retail channels and a controlled wholesale growth of 1 percent. The Asia Pacific region showed the most growth at 10 percent, while Japan and the Middle East were close behind, with respective growth rates of 7 and 5 percents.

Of Prada S.p.A.'s brands, Prada had the highest growth rate, closing the year at 7 percent. Miu Miu's sales increased by 2 percent.

"The results of 2018 demonstrate that our recent initiatives have been met with a positive reaction by the market, with a return in terms of revenue growth," noted Bertello in a statement. He continued, "It is clear that the digital transformation has radically altered relationships with consumers, making them ever more aware of their purchasing choices."

"In this context, communication takes on an even more crucial importance to effectively reach our customers. With this objective in mind, we will continue to invest in all our digital assets to create an increasingly immersive brand experience with a unique and engaging involvement at all touch points."