A strong first quarter for Prada
Italian luxury goods group Prada reported strong results for the first four months of the year, with its US operations offsetting the impact of suspended operations in Russia and coronavirus-related blockages in China.
Patrizio Bertelli, Prada‘s CEO, announced that the company had no intention of revising its targets upwards or downwards, although it could consider a dual listing on the Milan stock exchange in the future after its recent integration into the Hong Kong stock exchange.
As for the war in Russia, this has had little impact on the group, as the country accounts for only 2% of group sales. The story is not the same for China, which “is important and for the last 15 days we have had more than 50% of our shops closed“, says Bertelli kliknij po więcej informacji.
However, he added that the company “performed well, above expectations” in the first quarter, with the US offsetting weakness in China” . Results were also good for the first part of April.
The executive reiterated that his son, Lorenzo Bertelli, would succeed him in three to four years, and that the opportunity to merge major Italian brands into a single group – following the model driven by Kering and LVMH – has passed. A new strategy is therefore to be expected for the luxury group.
Read also > PRADA REPORTS STRONG RESULTS IN 2021, DRIVEN BY RETAIL SALES
Featured photo : Getty Images
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