Prada Group’s 2022 earnings beat expectations
By Eva Morletto10 mars 2023
Sales of the Prada group rose by 21% in 2022, with a turnover of 4.2 billion euros. Net profit jumped 58%.
With its latest published financial results, Prada remains at the very top of the Italian fashion industry's best-performing groups. The net profit even stands at 465 million euros, which means an increase of +58% compared to the previous year.
Furthermore, the year 2023 has started in a very positive way. The recent fashion weeks in Milan and Paris once again featured Prada and Miu Miu, two brands that are regularly highly anticipated on the catwalks of the fashion capitals, thanks to their ability to attract an audience of all ages. This is due to the capacity to create collections with a timeless charm, coupled with a strong innovative spirit, but true to the brands' codes.
Andrea Guerra, CEO of the Prada Group since January 2023, stated: "I am joining the Group at a time of great change and energy. There is a vast potential for growth and an important creative vision."
Patrizio Bertelli, executive director said, "Development and results have been boosted by the retail channel, which has shown 24% growth, which corresponds to €3.7 billion." Miuccia Prada's partner went on to detail that the strong financial performance was across all geographies and that this helped to offset the mixed results in China, an area still suffering from the aftermath of the covid-19 pandemic.
The businesses all benefited from successful product launches, notably in leather goods, where sales increased by 18%, ready-to-wear, which grew by 27%, and footwear, which grew by 29%.
The online channel also showed encouraging results: +7% turnover compared to the previous year. At the same time, Prada continues its commitment to sustainability and ethical values relating to inclusion and the fight against discrimination at work. Among its many projects, the importance of "Sea Beyond", the cultural programme carried out in partnership with UNESCO for the preservation of the oceans, should be highlighted.
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