Prada: Annual sales significantly exceed pre-crisis levels

The Italian fashion group Prada Group recovered well from the consequences of the Covid 19 pandemic in the 2021 financial year. According to preliminary figures, sales were around 3.36 billion euros, the company announced on Tuesday. Compared to the previous year, when the effects of the health crisis had weighed heavily on business, sales increased by 41 percent on a currency-adjusted basis. Thanks to the strong growth, the fashion house was also able to clearly exceed the level of the pre-crisis year 2019 (currency-adjusted +8 percent).

According to the company, the pleasing figures are due to “considerable growth” in the second half of the year. The company’s own retail business in particular benefited from the strong demand: its sales in the second half of the year were 27 percent higher than the corresponding previous year’s level and 21 percent higher than the comparable figure for 2019. Thanks to the higher retail share of total sales and lower price discounts, a ” “Significant increase” in earnings before interest and taxes (EBIT) was achieved, the fashion house explained, without naming specific figures. According to the company, the wholesale business has been further “rationalized” as part of the current strategy.

For CEO Patrizio Bertelli, 2021 was also “a year full of challenges”. However, the group was prepared for this and “reacted quickly to the needs of the extremely dynamic market,” he said in a statement. “We implemented measures that allowed us to have a good understanding of the changes in consumer behavior,” says Bertelli. Prada intends to publish the full annual report for 2021 “in due course”.

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