Prada outpaces predictions
First-half results for fashion group Prada have surpassed analysts’ forecasts with revenue of €1.9 billion. This result was 22% up year on year.
Geographically, overall sales declined in Asia-Pacific by 7%, but this was more than offset by a spectacular increase in Europe of 89%. Sales of the Prada brand climbed 28%, Miu Miu was up 14%, and Church’s up 29%. Pre-tax profit was €305 million.
To boost investor diversity, CEO Patrizio Bertelli is considering a second stock market listing in Europe, probably in Milan. He will, however, maintain the group’s listing in Hong Kong as Asia is an important market for Prada. At the same time, Mr Bertelli wants to keep the company “in the family” as he currently owns 80% of Prada’s stock.
Image: Church’s.
