Prada reveals rebound in full year revenues amid uncertain outlook

Prada Group, owner of Prada, Miu Miu and Church's, has released its financial results for 2021, revealing a rebound in full year revenues.

For the full year ending 31 December 2021, the luxury group posted total net revenues of £2.9 billion (€3.4 billion), up 41% vs 2020 and up 8% vs 2019, driven by an acceleration in retail sales in the second half of 2021.

Prada Group reported that profit rose to £247 million (€294 million), compared with a net loss of £45 million (€54 million) in 2020. Retail sales were up 40% vs 2020 and up 15% vs 2019, while wholesale sales rose by 41% vs 2020 and down 29% vs 2019.

However, Prada added that the war in Ukraine will make it difficult to predict results for fiscal year 2022 as the luxury goods industry braces for another difficult year.

Commenting on the results, Patrizio Bertelli, Chief Executive Officer of the Prada Group said: "The Prada Group's start to 2022 has been strong. Our long-term strategy is on track, focused on distinctive brand identity, product quality and industrial know-how, direct distribution and sustainability at the core of our values. Decisive actions to evolve the business and navigate the changing luxury market drove outstanding growth and increased profitability in 2021.

"These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine conflict on the global economy. Our concern is for all our colleagues and their families affected by the war, for the local communities and all people suffering and we will continue to support them."

Prada has halted its retail operations in Russia since early March 2022.