Prada FY21 revenues spike 41% to €3.36bn

Prada S.p.A has reported its revenues increased 41% year-on-year to €3.36bn (£2.82bn) in the full year ending 31 December 2021, also up 8% from pre-Covid levels. The group’s net income hit €294m (£246.4m) and EBIT grew to €489m (£409.83m). Prada also revealed its online sales surged 61% year-on-year, five times higher compared to pre-Covid levels. The retail channel delivered sales of €2.93bn (£2.45bn) in the period, up 15% compared to FY19 and up 40% compared to FY20, with “strong” performances across all product categories. The wholesale channel also saw sales at €386m (£323.5m), increasing 41% year-on-year, although this is down 29% from FY19, in line with the group’s strategy to rationalise the channel. Asia Pacific saw the highest sales at €1.19bn (£999m), up 29% year-on-year and up 30% from FY19. Prada said there was “sustained demand in key markets” throughout the period compared to 2019, with China at +56%, Korea at +90%, and Taiwan at +61%. Meanwhile, sales in Europe stood at €749m (£627.83m), up 35% compared to FY20 and down 11% compared to 2019. Americas sales also saw a “sharp” increase throughout the year and reached €572m (£479.4m), growing 103% compared to FY20 and 69% compared to FY19. However, Japan revenues were reportedly impacted by prolonged restrictions related to the pandemic, and it stood at €297m (£248.91m). This is up 16% year-on-year but down 17% compared to 2019, although “significantly improving” in the second half of the year. Patrizio Bertelli, chief executive officer of the Prada Group, said: “The Prada Group’s start to 2022 has been strong. Our long-term strategy is on track, focused on distinctive brand identity, product quality and industrial know-how, direct distribution and sustainability at the core of our values. “Decisive actions to evolve the business and navigate the changing luxury market drove outstanding growth and increased profitability in 2021.” He added: “These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine conflict on the global economy. Our concern is for all our colleagues and their families affected by the war, for the local communities and all people suffering and we will continue to support them.”