Prada profit return
Print Edition
ITALIAN luxury goods house Prada has reported a return to net profit growth, following four years of threadbare results, as its strategy of targeting younger fashionistas paid off.
Net earnings rose 11 percent in the first half of the year to 106 million euros (US$124 million) on sales of 1.5 billion euros, 3 percent higher than the same period last year. But Prada, whose shares are listed on the Hong Kong stock exchange, suffered declining sales in recent years, with net earnings down more than 10 percent last year.
Prada fought back by upgrading its retail network and developing digital technologies, a strategy that started to bear fruit toward the end of 2017 as online sales improved.
The company also revamped its existing product lines and launched new ones, in an apparent attempt to end over-reliance on its famous and pricey handbags and emulate the competition’s diversification.
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