Prada Group posts 22% increase in revenue

Prada Group has announced its consolidated financial results for the half year ending 30 June 20, posting net sales of £1.6 billion.

The Italian fashion group, which owns Prada, Church's, Miu Miu revealed net sales were up by 22% year on year, driven by strong performances across all product categories, with leather goods up 18%, ready-to-wear up 32%, and footwear up 39% year on year.

The retail channel saw strong growth in sales, up 26% year on year to £1.4 billion, while wholesale sales were down 3% to £163 million.

At brand level, Prada’s strong momentum delivered a sales increase of 28% yoy, up 46% on H1-19, while Miu Miu’s growing visibility and acclaimed SS Fashion Show delivered sales up 14% year on year and above pre-pandemic levels.

Patrizio Bertelli, Prada Group Chief Executive Officer, commented: "In the first six months of 2022, Prada Group delivered growth in both revenue and profitability, continuing to invest with a long-term perspective in creativity, industrial know-how and product innovation. We keep building sustainability into the heart of our business; we want our actions to align with Prada’s distinctive identity, making us relevant and inspiring to customers. Thanks to our global presence and geographical distribution of sales, we have more than compensated the impact of the various lockdowns in Mainland China and sanctions on Russia, where we continue to support our people despite store closures.

"Although current trading is strong, the global political and economic outlook is very uncertain and provides ground for caution. Our position of strength gives us confidence to execute against our strategy to fully exploit our brands’ potential. We are confident that we will achieve our medium-term financial and operational targets."