Retail in Asia


Prada APAC sales up 29 percent in 2021

Italian luxury house Prada announced on 14th March that its sales in Asia Pacific rose almost 30 percent for the full-year 2021, with the region surpassing sales of 1.1 billion euros (US$1.2 billion) for the twelve-month period.

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The Milanese company said total sales for 2021 in the APAC region – its largest market revenue-wise — reached 1.12 billion euros (US$1.22 billion), up 29 percent on 2020, or an increase of 30 percent compared to 2019. By market, Chinese revenues rose 56 percent, Korean sales surged 90 percent, and Taiwanese sales grew 61 percent, compared to pre-pandemic 2019, the company said.

Total net revenues at Prada grew 41 percent to 3.37 billion euros (US$3.69 billion), up 8 percent 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 294 million euros (US$322 million), 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.

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“These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine conflict on the global economy. Our concern is for all our colleagues and their families affected by the war, for the local communities and all people suffering and we will continue to support them.”