Prada Sales in China Surged 52% in Second Half of 2020
Overall retail sales showed “a full recovery to 2019 levels.”
Despite a weaker first half of 2020 which saw Prada suffer a €515 million EUR loss (roughly $633 million USD), sales have rebounded in the latter half of last year, pushing the luxury fashion house to “a full recovery to 2019 levels.”
The most significant contributor came from the Asia Pacific region and especially China, which saw a massive 52 percent growth in sales during H2. While Europe and Japan continued to underperform during the period due to lack of tourism, the Americas and the Middle East also rallied for a more positive ending to 2020.
More than just sales, reports also suggest that Prada managed to improve its financial position thanks to positive margins through generating cash, reducing inventory, and exercising stricter control over investments such as stocks, raw materials and finished products.
“I am very satisfied with how we have faced the serious difficulties of the year just ended and how, despite the persistent uncertainty which will likely continue for the next months, we have managed to deliver positive results,” said Prada’s CEO Patrizio Bertelli. “Thanks to the generous commitment of all group staff, we were able to respond rapidly and consistently to market changes, which has been appreciated by all of our customers.”
In other business-related news, Elon Musk’s net worth grew 524 percent during COVID-19.
