Prada Group reported 2021 revenues that grew 41 percent year-on-year to E3.36 billion ($3.83 billion) , closing the year up 8 percent compared to 2019′s pre-pandemic levels.
For over a year, Prada has been flagging a strong recovery in retail sales, but overall revenues continued to trail pre-pandemic levels due to a slower rebound in the wholesale as well as at its smaller MiuMiu and Church’s labels.
Surging sales in Prada’s retail business helped the company to finally turn a corner. Second-half sales for directly-owned stores and e-commerce accelerated to grow 21 percent versus 2019 levels, compared with a two-year growth rate of 8 percent during the first half.
Operating profit increased “significantly” due to lower discounting and less reliance on wholesale, the Milan-based company said in its statement Tuesday.
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After a lengthy turnaround, CEO Patrizio Bertelli outlined ambitious growth plans for the brand, laying the ground to hand over control to his and Miuccia Prada’s son Lorenzo.