Prada ready-to-wear pushes up 1st-half profits by 11 percent
MILAN (AP) — Fashion house Prada says a strong acceleration in ready-to-wear sales has pushed first-half profits up by 11 percent as the fashion house returned to revenue growth.
Prada on Wednesday reported net income of 106 million euros ($123 million) in the period, on revenues of 1.5 billion euros, a 3.3 percent increase over 2017.
The Milan-based group, which includes profit-driving Prada, niche brand Miu Miu and Church’s footwear, said ready-to-wear sales grew by 20 percent to 315 million euros, confirming Prada’s design leadership.
Leather goods, representing more than half of all revenues, showed an 8 percent improvement to 859 million euros, boosted by the introduction of mid-priced luxury bags and the new Prada Black Nylon collaboration. Footwear revenues rose 4 percent to 308 million euros, thanks to the successful launch of sneakers.