Prada, the luxury fashion house from Italy, has recorded a 60 per cent jump in its revenue (€1.5 billion) on constant exchange rates for the six months that ended 30 June 2021.
The fashion retailer, during the period, saw it retail sales also surge by a whopping 60 per cent to €1.3 billion, when compared to 2020.
The rise was, notably, 8 per cent on constant exchange rates, when compared with the same period in 2019.
The impressive half yearly performance has been attributed to brand’s exceptional sales performance in the second quarter when pandemic restrictions were eased at many places and many of retailer’s stores were reopened.
As far as e-commerce sales were concerned, Prada saw a year-on-year rise of 19 per cent to €263 million. However, compared to Q1 2020, the fall was 29 per cent.
The wholesale sales slumped by 37 per cent compared to the same period in 2019. Prada said this was in line with its approach of focusing more on retail sales over wholesale sales.
Going forward, the Italian fashion retailer hopes the sales momentum to remain strong in the second half of 2021. It added that their brands had huge potential and it will unlock them over the medium term.
Founded in 1913, Prada specialises in apparels, shoes, leather handbags and fashion accessories, amongst others.