Prada Flags Recovery in Asia after Virus Hits H1 Sales

Fashion

July 29th, 6:15pm

Asharq Al-Awsat

Prada's Milan store. (Getty Images)

Italian fashion group Prada said on Wednesday sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered a 40% decline for comparable revenues in the first half of the year. The revenue fall to 938 million euros ($1.1 billion) at constant exchange rates in the six months to June was steeper than a 35% decrease forecast by analysts, according to Smart Estimates provided by Refinitiv. The Milan-based, Hong Kong-listed luxury group posted a net loss of 180 million euros, hit by store closures and a near-absence of tourism due to the COVID-19 crisis. Prada said it had seen double-digit sales growth in Asia since last month, and encouraging signs in other markets as movement restrictions eased. E-commerce delivered sales growth of 100% or more during and after the lockdowns, it said. In a statement, Chief Executive Patrizio Bertelli said the group was confident that sales would return to growth in the second half of the year.

from Asharq AL-awsat https://english.aawsat.com/home/article/2419216/prada-flags-recovery-asia-after-virus-hits-h1-sales