Church's growth continues as Prada CEO warns of a 'readjustment'
The CEO of Prada Group, Patrizio Bertelli, has described 2014 as “more challenging than expected” after reporting sales for the first nine months fell 1% to €2.6 billion.
Sales in Europe and Asia fell 1.6% and 4.8% respectively, although sales in China increased slightly.
“On top of the ongoing difficult international economic environment, the luxury goods market is undergoing a certain readjustment, the extent of which is not yet entirely clear,” he said.
“We are confident in the medium-term growth prospects of the market, but also aware of its increasing level of complexity. Consequently, we remain convinced that we have made the right choice in continuing to prioritize the Group’s medium-term development, through investments focused on achieving qualitative and stylistic excellence. We are also working on making our business structures more efficient and improving the operating performance of our stores, in order to ensure the Group achieves satisfactory levels of profitability.”
Group-owned Church’s, the British footwear brand, reported 11% sales growth, while Car Shoe also grew, this time by 7.5%.
