The Board of Directors of Prada SpA has approved the consolidated financial results for the six month period to July 31st, 2016. Revenues in the period totalled € 1,554 million, representing a decline of 15% compared to the same period in 2015, but a clear and encouraging trend of improvement was seen in the second quarter. The results were affected essentially by the decline in tourist flow in all western and in the Japanese markets, and by the negative economic backdrop in Asia Pacific and China.
Patrizio Bertelli, CEO of the Prada Group, has underlined how – with the implementation of the first phase of rationalization of various management and operating processes and with the launch of a series of new initiatives that will allow to respond quickly to the requirements of a rapidly evolving market – 2016 represents a major turning point for the Group.
In particular Patrizio Bertelli has outlined the elements and the foundations on which the Group can base a future of sustainable growth: rolling-out the e-commerce platform in all markets and for all brands, redefine the components of the offer, enhance the digital communication in support of the collections and a rigorous review of the retail network, including closures of non-strategic locations, selective openings in high potential markets and the launch of new concepts in store design.
The plan outlined by Patrizio Bertelli has been positively received by the Hong Kong Stock Exchange, where the Prada share registered a +12% bounce the day which followed the announcement.
Prada S.p.A.: First Half 2016 Results
