The Italian fashion group has seen sales and profits rebound, boosted by a strong performance in the Asia region, and in particular, China.
Luxury retailers have been amongst the hardest hit in the Coronavirus pandemic, however China, which is one of the world’s largest luxury markets, has helped a number of luxury companies to bounce back.
The recovery in retail sales, which accounted for around 90 per cent of Prada’s total, was driven in the second half of 2020 by mainland China, which grew by 52 per cent, Taiwan, with growth of 61 per cent, Korea which grew by 22 per cent and also by the Americas, with just 4 per cent.
The launch of Prada’s e-commerce offering into a number of key markets also assisted the brand’s results, with their e-commerce sales more than tripling in 2020 compared to 2019’s levels.
