26 Aug '16, 4pm

Prada anticipates turning point in 2016 after declining H1 revenue

Prada anticipates turning point in 2016 after declining H1 revenue

Italian fashion company Prada’s net revenues fell 13 percent at constant exchange rates in the first half of 2016, but the brand is hopeful for the future. Prada Group’s retail business declined from the same period in 2015, while wholesale held strong courtesy of new ecommerce partnerships. Reacting to the difficult climate in luxury being felt by a number of brands, Prada is strategizing for growth. Focusing on the future Prada’s total net revenue for the six months ended July 31 was 1.554 billion euro, or about $1.744 billion. This was a 15 percent drop at current exchange rates. The decline was driven mostly by Prada’s retail network, which fell 16 percent year-on-year. Tourist traffic was down in Europe and the United States, but Russia saw double-digit increases and favorable exchange rates following Brexit drove sales in the United Kingdom. Prada’s direct-operated s...

Full article: https://www.luxurydaily.com/prada-anticipates-turning-poi...

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