Prada Continues to See Operating Profits Grow Following Successful Q3 and Q4 2020

Q1 2021 is looking strong for the Raf Simons and Miuccia Prada-helmed label.

Fashion 
1,995 Hypes 0 Comments

Prada has somewhat recovered from its Q1 and Q2 2020 operating profits slump as a result of the ongoing coronavirus pandemic, reporting a strong second half of the year and a continuation of good sales in the first quarter of 2021.

Initially suffering a 40 percent revenue decline, the Milanese fashion house soon bounced back with markets such as China reporting a 52 percent surge in sales. A recovery in retail sales — which accounted for around 90 percent of Prada’s total income — came from the aforementioned success in China, as well as Taiwan delivering +62 percent, Korea with +22 percent, and the Americas with +4 percent, as reported by The Business of Fashion.

Overall, Prada’s full-year revenue fell by 24 percent, equating to a total of €2.42b EUR (approx. $2.9b USD). In addition to its strong retail sales stated above, the brand also noted how e-commerce performed almost three times better than in it did in 2019, leading Chief Executive Patrizio Bertelli to say, “These results give us confidence to face the upcoming rebound, as soon as the most critical phase of the pandemic will end.”

Aside from the stats that result from most of Prada’s main markets coming out of strict lockdowns, the fashion house also developed a new level of hype with the introduction of Raf Simons’ collections for the brand, which perhaps drove brand awareness and subsequent sales.

Elsewhere in the fashion world, adidas is predicting a strong 2021 performance.

Read Full Article

What to Read Next

Prada Heads to the Beach With Joyful SS22 Menswear Collection
Fashion

Prada Heads to the Beach With Joyful SS22 Menswear Collection

“When times are complicated, we are searching for simple, direct joys.”

Richie Hawtin to Release Prada Show Soundtracks
Music

Richie Hawtin to Release Prada Show Soundtracks

Featuring the three original compositions for his work with Miuccia Prada and Raf Simons.

Prada's SS21 Campaign Invites You to Explain Creativity
Fashion

Prada's SS21 Campaign Invites You to Explain Creativity

Tell Raf Simons and Miuccia Prada what you really think.


Raf Simons’ First Prada Men’s Show: What to Expect
Fashion 

Raf Simons’ First Prada Men’s Show: What to Expect

With the Fall/Winter 2021 show just ten days away, it’s time for some speculation.

PacSun Is Calling On Designers of Any Skill Level to Create Its Next T-Shirt
Fashion 

PacSun Is Calling On Designers of Any Skill Level to Create Its Next T-Shirt

Presented by PacSun
The winner of the retailer’s new competition will receive a one-on-one mentoring session with Mike Cherman of Chinatown Market in addition to having their design produced.

Roger Federer Reveals THE ROGER PRO, His First Signature Tennis Shoe with On
Footwear

Roger Federer Reveals THE ROGER PRO, His First Signature Tennis Shoe with On

Debuted during his return to competitive tennis at the Qatar Open.

Felipe Pantone Reimagines Zenith’s Most Advanced DEFY 21 Model
Watches

Felipe Pantone Reimagines Zenith’s Most Advanced DEFY 21 Model

Presented by Zenith
Transforming timepieces into wearable kinetic art.

Paris Saint-Germain and Jordan Brand Reunite for New Air Jordan 7 Collaboration
Footwear

Paris Saint-Germain and Jordan Brand Reunite for New Air Jordan 7 Collaboration

The Tinker Hatfield-designed silhouette gets hit with Parisian flair.

Tissot Revives 1970s Slimline Integrated Bracelet PRX Collection
Watches

Tissot Revives 1970s Slimline Integrated Bracelet PRX Collection

The collection is being re-introduced with quartz movements with automatic models to follow.


A Closer Look at Palace’s Upcoming GORE-TEX Looks
Fashion

A Closer Look at Palace’s Upcoming GORE-TEX Looks

Set to drop later this week.

Twitter CEO Jack Dorsey Will Donate the Proceeds of His First Tweet NFT Sale to Charity
Tech

Twitter CEO Jack Dorsey Will Donate the Proceeds of His First Tweet NFT Sale to Charity

The current highest bid is at $2.5 million USD.

China and Russia Wants to Build an International Station on the Moon
Tech

China and Russia Wants to Build an International Station on the Moon

Other countries are invited to participate.

Percival Celebrates British Workwear for SS21
Fashion

Percival Celebrates British Workwear for SS21

Elevating the workshirt with luxury Italian wool.

adidas Predicts Strong 2021 Performance After Sales and Profits Rise in Q4
Fashion 

adidas Predicts Strong 2021 Performance After Sales and Profits Rise in Q4

Although its plans to divest from Reebok will hit profits.


More ▾
 
Subscribe to our Newsletter

Gain access to exclusive interviews with industry creatives, think pieces, trend forecasts, guides and more.

By subscribing, you agree to our Terms of Use and Privacy Policy.

Adblock Detected.

We charge advertisers instead of our readers. If you enjoy our content, please add us to your adblocker's whitelist. We'd really appreciated it.