Prada Group sees 41% revenue increase in 2021

Prada Group, owner of Prada, Miu Miu, Church's and Pasticceria Marchesi, has released its financial results for 2021, revealing "robust" growth in group revenue.

Group revenue for 2021 totalled €3.36 billion (£2.80 billion), up 41% compared to 2020 and up 8% compared to 2019.

For the second half of 2021, sales increased by 27% against 2020 and 21% compared to 2019, which the group puts down to a "significant improvement" in revenues, margins and cash generation.

Prada Group also reported an increase in EBIT, which was credited to a higher contribution from retail channels and full-priced sales.

Patrizio Bertelli, CEO at Prada Group, said: "2021 was a year full of challenges but we proved to be ready and quickly responded to the needs of an extremely dynamic market, putting in place actions that allowed us to understand changes in consumer behaviour effectively. The Prada Group has the capabilities and resources to set itself apart and deliver on its future growth objectives."

The financial update follows the recent appointment of Church's new CEO, along with the news last month about Prada's consideration in joining the resale market.