Italian luxury house Prada has announced that its sales in Asia Pacific rose almost 30 per cent for the full-year 2021, with the region surpassing sales of US$1.2bn for the twelve-month period.
The Milanese company said total sales for 2021 in the APAC region – its largest market revenue-wise — reached US$1.22bn, up 29 per cent on 2020, or an increase of 30 per cent compared to 2019. By market, Chinese revenues rose 56 per cent, Korean sales surged 90 per cent, and Taiwanese sales grew 61 per cent, compared to pre-pandemic 2019, the company said.
Total net revenues at Prada grew 41 per cent to US$3.69bn, up 8 per cent compared to 2019, driven by full price sales with a strong acceleration in the second half compared to 2019. The company also witnessed “outstanding growth” in online sales, with revenues totalling five-times more than in 2019, thanks to strong performance across all product categories. Net income in 2021 totalled US$322M, the company added.
“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,” said Patrizio Bertelli, Chief Executive Officer of the Prada Group.
