PRADA GROUP MAKING OF
Prada Re-Edition 1995
2021 was a transformational year for the Prada Group. Decisive actions to strengthen the business and navigate the changing luxury market produced strong growth and increased profitability.
The Prada Group delivered against each of its strategic priorities: distinctive identity, product excellence, industrial know-how, direct distribution and sustainability.
The appointment of two new Board members, both independent with track record in structuring and implement ESG policies, confirms our commitment to sustainability.
In 2021, Prada S.p.A. Board of Directors approved its ESG strategy, and we are implementing a full range of initiatives to respect the planet, its people and the cultural debate. I am truly confident that Prada will achieve most of its targets.
We confirm that all our investments are for the future as the whole organization is striving for long-term growth and not short-term gains. Prada is on course to meet the medium-term objectives as announced at our Capital Markets Day in November 2021, and the solid financial results achieved in 2021 make me confident we will reach our goals. However, growing geopolitical tensions and escalating hostilities are of great concern and we feel for the people suffering because of the war.
Chairman of PRADA S.p.A.
Milan, May 3, 2022
2021 was a year of important milestones for the Prada Group’s sustainability journey.
When I joined Prada S.p.A.’s Board of Directors, discussions of ESG (Environmental, Social and Governance) issues reached the highest levels of the organization, highlighting once again our commitment to such matters, which are becoming more and more visible for internal and external stakeholders. The presence on the Board of two sustainability experts from the beginning of 2022 strengthened governance even more, due in part to the establishment within the Board of a Sustainability Committee, of which I am a member and which will be essential to implementing the Group’s sustainability strategy.
Throughout 2021, we were engaged in promoting an internal culture more focused on social and environmental topics. The strong awareness, along with the Group’s long-term investments, enabled to advance quickly on key matters that have had a strategic role for some time, such as environmental protection and the fight against climate change. In fact, in November 2021, for Capital Markets Day, we unveiled our sustainability strategy and an ambitious roadmap to reduce GHG emissions, approved by the Science-Based Targets initiative. We also described our plan for achieving our targets of cutting direct (Scope 1 and 2) emissions by 2026, and a series of other goals in terms of sustainable raw materials and packaging.
We reiterated our commitment to diversity, equity and inclusion with the launch of numerous initiatives and programs to recruit, cultivate and retain diverse talents and to create a more inclusive workplace culture, not only within our organization but also in the industry.
Our partnership with UNESCO’s Intergovernmental Oceanographic Commission continued for the SEA BEYOND education project, launched in 2019 and dedicated to the promotion of ocean literacy and ocean preservation, with a program enriched with new initiatives to involve a growing community.
These choices demonstrate the consistency between the Prada Group’s core values and its commitment to carrying out concrete projects. I believe that it is crucial to pursue a more sustainable business model, capable of an agile and coherent response to the increasingly complex challenges of the upcoming years, thanks in part to the fundamental engagement of our key stakeholders.
Prada Group’s Head of Corporate Social Responsibility