Prada First-Half Revenue Rebounds on Europe, Americas Sales

The Italian fashion house said in a statement Thursday that it remains confident on medium-term targets despite macroeconomic uncertainty, citing the global health situation, the rate of recovery in Chinese consumer spending, and global geopolitical developments as risk factors.

First-half revenue rose 22 percent to €1.9 billion ($1.93 billion), as retail sales in Europe and the Americas grew 89 percent and 41 percent respectively. Net income totalled €188 million for the period, compared with €97 million in the first half of 2021.

“We have more than compensated for the impact of various lockdowns in mainland China and for sanctions on Russia,” chief executive officer Patrizio Bertelli said in the statement, citing the group’s global presence and geographical distribution of sales.

Prada’s first-half report continues a strong run for luxury players this week. Shares in Moncler SpA and Gucci owner Kering advanced on Thursday after first-half results showed that demand for luxury items is holding up well despite a resurgence of Covid-19 in China, alleviating investor concerns over a sector that’s been hard hit this year.

By Flavia Rotondi

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