First half-year growth of 9% for the Prada Group, bucking the industry trend

The board of directors of the Prada Group - listed on the Hong Kong Stock Exchange - examined and approved the consolidated financial statements for the first half of the year ending 30 June, which returned a very positive picture and in contrast with the sector, where all companies and groups show slowdowns with the only exceptions, apart from Prada, of Hermès and Brunello Cucinelli.

Net sales came in at EUR 2,740 million, up 9% year on year, and retail sales did even better. at EUR 2,453 million, up 10% year on year, against a high comparison basis and with growth in all geographical areas. Among the brands in the portfolio (Prada, Miu Miu, Church's, Car Shoes, Luna Rossa and Marchesi 1824), Miu Miu once again performed best (sales +49%).

The adjusted ebit margin for the half-year came to 22.6%, or EUR 619 million, with a positive net financial position of EUR 352 million. These figures led Patrizio Bertelli, Chairman and CEO of the Prada Group, to comment: "In the first half of the year we achieved positive results, which testify to the strength of our brands and the disciplined execution of our strategy. This quality performance was achieved in a challenging environment, which is difficult to find precedents in our industry. We believe that future growth opportunities remain unchanged, but we are aware that the economic environment may remain turbulent in the short term. Against this uncertain backdrop, we are focused as ever on the long term, with a context-sensitive approach. Our efforts remain focused on product and customer experience, while continuing to strengthen our industrial competencies and organisation."

Andrea Guerra, CEO of the Group, added: 'We close these first six months with a solid second quarter that added to a good start of the year. We owe these results to the relevance of our brands, their creativity and ability to anticipate and interpret contemporaneity. During the period, Prada demonstrated stability in the face of very challenging industry dynamics and a high comparison base; Miu Miu continued on a path of sustainable growth. We believe that some of the sector dynamics are cyclical rather than structural in nature, but disciplined execution is essential. Looking ahead, while remaining vigilant and ready to react, we continue with our strategy and maintain our ambition to generate solid, sustainable and above-market growth."