MILAN, March 11 (Reuters) - It
MILAN, March 11 (Reuters) – Italian vogue group Prada
expects revenues to develop to 2.9-3.1 billion euros this
yr after a pandemic-driven fall to 2.42 billion euros in 2020,
CEO Patrizio Bertelli advised Reuters.
Bertelli mentioned the corporate deliberate to stay impartial and
remained centered on inner progress whereas not excluding model
acquisitions, ought to alternatives come up.
In 2019, revenues totalled 3.23 billion euros ($3.86
billion), so Italy’s largest luxurious group might be approaching
pre-pandemic ranges as early as the present yr if it hits the
prime of its vary.
Consulting agency Bain forecast in November that the luxurious
sector would take till late 2022/early 2023 to get well to 2019
ranges after the shock of the pandemic. .
Clearly this yr’s efficiency will rely so much on the
growth of the COVID-19 outbreak and associated restrictions,
Bertelli mentioned in a Zoom name from his workplace within the group’s
manufacturing headquarters in Tuscany.
“The vary for this yr will swing between 2.9 and three.1
billion in revenues,” he mentioned.
One other key side, he added, is to grasp when individuals
will begin travelling once more.
“This would be the massive driver of restoration for me. It’s true
that native consumption in China is doing very nicely, however there’s
additionally a necessity for individuals to journey once more.
If journey begins up once more, we will definitely additionally see an
enchancment in gross sales,” he added.
Prada’s gross sales and earnings rebounded on the finish of final yr,
partly attributable to a powerful efficiency in China and elsewhere in
Asia, and the constructive development carried on into 2021.
Bertelli reiterated that he doesn’t intend to promote smaller
manufacturers corresponding to Church’s formal sneakers and rubber-studded loafers
Automobile Shoe, however he may as a substitute be “a purchaser”.
“We’re centered proper now on our personal growth, we expect
there’s nice room for progress and do not wish to dissipate our
energies on issues that aren’t actually nice alternatives.”
“However we’re open if we actually discover a chance, not a
small to medium sized model, however a big one or perhaps a
medium-small one however with nice potential for progress.”
The Bertelli-Prada household, which controls 80% of the
Hong-King listed vogue group, has by no means considered promoting and
by no means will.
“That is inconceivable, even for the longer term the independence of
the group is just not in query,” mentioned Bertelli, who has beforehand
mentioned the corporate will finally move to his son Lorenzo.
Together with his spouse Miuccia Prada, who took over as artistic
director, Bertelli remodeled the historic Milan-based leather-based
items model into a contemporary vogue group within the late 1970s.
Huge worldwide growth adopted within the 1990s and it
was listed in Hong Kong in 2011.
($1 = 0.8362 euros)
(Reporting by Claudia Cristoferi
Modifying by Keith Weir and Jane Merriman)
(([email protected]; +39 3480848422;))
Key phrases: PRADA CEO/ (EXCLUSIVE, PIX)
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