Prada sales improve in 2017 after revenues drop 10% in 2016

Luxury fashion group Prada said sales had accelerated in the past two months, particularly in Greater China and Russia, pointing to an improving outlook after its revenues slumped last year.

The Italian group, which has said it expects to return to profit growth this year after being hit by the downturn in global luxury spending, reported on Monday a 10 per cent decline in revenue for 2016 to €3.18 billion.

“However positive progress in sales trend were seen in the second half of the year, particularly in December 2016 and January 2017,” Prada said in a statement.

Double-digit sales

Business improved after a 25 per cent drop in group net profit in the first half of 2016. Sales in Greater China grew in the final quarter of 2016 and Russian sales were up “double-digit”.

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The Milan-based group is trying to turn itself around by cutting back its retail network and selling more fresh and accessible products, as it faces rising competition from new brands and traditional rivals like Gucci.

– (Reuters)