For six months, from February to July, Prada Group's turnover amounted to 1,823 billion euros, which is 4% more than the same period last year, according to published preliminary half-year results.
The Italian luxury group, which, in addition to the Prada brand of the same name, owns the Miu Miu luxury clothing line and the Church's and Car Shoe shoe brands, has been hit especially hard by the “hostile economic situation” in Asia. But the difficulties were overcome thanks to good direct sales.
The growth recorded by the group in the first half of the year was “entirely due to the level of retail sales - they completely offset the decline in wholesale sales,” Prada reported.
In the first half of the year, retail sales reached 1,552 billion euros, which means an increase of 8%. It is worth noting that sales of the Miu Miu youth line and Church's shoe increased by 19%.
Wholesale sales, by contrast, fell by 14% to 248 million euros. The decline is due to the rationalization strategy of the multi-brand partners of the group.