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Luxury - Prada reports ‘excellent results’ for leathergoods
14 September 2017

Despite a 5.5% decline in first-half revenues, Prada has announced “excellent results in all markets” for leathergoods and has vowed to widen its offering in all price ranges.

The Italian group, which also owns Miu Miu, Church’s and Car Shoe, is in a “phase of profound change”, according to CEO Patrizio Bertelli.

Sales in China grew 5.2% but sales in the Americas fell 3.7% and those in Europe 7.7%, which was a result of the strength of the euro. Revenues reached €1.5 billion for the first six months.

“The complex task of restructuring our operating processes, which is aimed at providing the group with the tools needed to access an increasingly competitive market, is progressing well; however, more remains to be done,” said Mr Bertelli.

“Having one of the best-known and most respected international brands, with undisputed leadership in design and innovation, means we have to make choices in the pursuit of growth that privilege the preservation of the cultural and stylistic fundamentals that our brand identity is based on.”

Information courtesy of Leatherbiz