Prada, revenue up 17% to 2.55 billion, ebit at 575 million (22.6%)
The largest Italian fashion group is listed in Hong Kong - In 2025 it will open an 800-square-metre megastore in the luxury mall K11 Musea
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Key points
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There was much anticipation for the half-year results of Prada, the largest Italian fashion group listed in Hong Kong, especially after the disappointing figures published last week by Lvmh and Kering, the two French high-end groups. The group led by Miuccia Prada and Patrizio Bertelli posted excellent results in the January-June period, strengthening the small circle of Italian companies in the sector that have continued to grow (Brunello Cucinelli, Moncler, Zegna).
Constant Exchange Rates
.Net sales for the half-year reached 2.549 billion, up 17% year-on-year, "thanks to the desirability of the brands underpinned by strong identity, creativity and dynamism," reads a note issued at the close of trading from Hong Kong, where the group is listed. Retail sales rose 18% to 2.263 million, driven by like-for-like growth and full-price volumes: for many seasons now, the group has drastically reduced the sale of collections during sales periods.
Miu Miu proves to be the 'hare' of the group
Prada continued to outperform the market average (above, the recent Milan menswear show), with retail sales up 6% year-on-year and Miu Miu confirmed its strong growth trajectory, with retail sales up 93% year-on-year. In terms of geography, double-digit growth was seen in Asia Pacific, Europe, Japan and the Middle East; further slight sequential improvement in the Americas.
Profitability indices
.The ebit margin for the semester was 22.6%, EUR 575 million in value, despite higher investments. The balance sheet was also solid, with a positive Net Financial Position of EUR 265 million.
Flexibility and innovation
."The positive results achieved in the first half of the year reflect our disciplined activity in achieving the group's strategic objectives," commented Patrizio Bertelli, Chairman and CEO of the Prada Group. "We are satisfied that we have generated high quality like-for-like growth above the market average, despite the increasingly uncertain industry environment. The flexibility of our organisation gives us confidence in our ability to face the coming months, as we continue to invest to support future growth'.
