Purpose and Values
Milan, 14th March 2022 - The Prada S.p.A. Board of Directors today reviewed and approved the Consolidated Financial Results for the Full Year ended 31 December 2021.
Very strong second half of 2021 marked by an acceleration in retail sales with a sharp increase in profitability and a strong cash flow generation, thanks to the long-term strategy for growth on track.The Retail channel delivered sales of Euro 2,931 million in the period, an excellent performance driven by full price sales and local consumption, +15% compared to FY19. The trend further accelerated in H2, with Q4 at +24% vs 2019. Online sales were outstanding, five times higher in comparison to FY19 and +61% vs FY20, accounting for 7% of retail sales.
The Wholesale channel saw sales at Euro 386 million, +41% compared to 2020 and -29% compared to 2019, in line with the Group’s strategy to rationalize the channel.
Furthermore, the Group accelerated its commitment to ESG and delivered concrete actions and progress. The Group’s climate strategy was launched, sustainability experts Pamela Culpepper and Anna Maria Rugarli were appointed to the Board and an ESG Board Committee was formalised.
Patrizio Bertelli, Chief Executive Officer of the Prada Group, commented:
“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”.
“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.”