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Bloomberg
Prada SpA reported a rebound in first-half revenue backed by strong performances in Europe and the Americas, as luxury company results continue to show resilience despite lockdowns in China and soaring inflation.
The Italian fashion house said in a statement 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% to 1.9 billion euros ($1.93 billion), as retail sales in Europe and the Americas grew 89% and 41% respectively. Net income totaled 188 million euros for the period, compared with 97 million euros in first half of 2021.
“We have more than compensated for the impact of various lockdowns in mainland China and for sanctions on Russia,†CEO Patrizio Bertelli said, citing the group’s global presence and geographical distribution of sales.
Prada’s first-half report continues a strong run for luxury players. Shares in Moncler SpA and Gucci owner Kering advanced 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.