Prada Group has exceeded its pre-pandemic results with a strong surge in online sales in 2021. The Italian luxury fashion conglomerate, known for its brands such as Prada, Miu Miu, Car Shoes, and Church’s, reported a revenue of €3.364 billion ($3.9 billion) for the year. This represents a remarkable growth of 41% compared to 2020 and 8% compared to 2019 at constant exchange rates.
The second half of 2021 proved to be particularly fruitful for Prada Group, as it witnessed a significant increase of 27% in sales from its own stores and e-commerce channels compared to the same period in 2020. Furthermore, it achieved a 21% growth compared to the second half of 2019. The group attributed this success to the “excellent performance” of its online channel, which can be attributed to its strategic investments in the digital arena.
Besides focusing on enhancing its digital presence, Prada Group is also concentrating on streamlining its network of resellers. This approach, which was initiated back in 2019, aims to gain better control over the group’s brand image and pricing at these retail points. The ultimate objective is to create a more cohesive and consistent customer experience across various sales channels.
Despite the challenges faced in 2021, Prada Group has demonstrated its ability to adapt and respond swiftly to the ever-changing market dynamics. The group implemented effective measures to comprehend shifts in consumer behavior and successfully met the demands of a highly dynamic market. Patrizio Bertelli, the CEO of Prada SpA, expressed confidence in the group’s capabilities and resources to stand out and achieve future growth objectives.
Prada Group’s detailed consolidated results will be released soon, providing further insights into its performance throughout the year.
Additional Sources:
1. Prada Group’s official website
2. Business of Fashion
