×
27 295
Fashion Jobs
TJ MAXX
Loss Prevention Detective East Brunswick nj
Permanent · East Brunswick
TJ MAXX
Loss Prevention Detective
Permanent · Mechanicsburg
TJX CORPORATE
Product Compliance Risk Analyst
Permanent · Marlborough
HOMEGOODS
70118-lp Detective
Permanent · Danvers
TJX CORPORATE
Compliance Risk Analyst, Privacy And Data Protection
Permanent · Marlborough
HOMEGOODS
70118-lp Detective
Permanent · Swampscott
TJ MAXX
lp Detective
Permanent · Chicago
VICTORIA'S SECRET
Business Analyst, Customer Data Operations
Permanent · Reynoldsburg
BATH & BODY WORKS
Associate Merchandise Planner, Digital
Permanent · Reynoldsburg
PINK
Brand Operations Manager-Geneva Commons
Permanent · Geneva
L BRANDS
Manager, Procurement – Retail Operations And Non-Merchandise Fulfillment
Permanent · Reynoldsburg
FOOT LOCKER
Community Marketing Manager
Permanent · Dallas
ESTÉE LAUDER COMPANIES
Global Mps Planner - Haircare
Permanent · Blaine
ESTÉE LAUDER COMPANIES
Director, Finance & Business Management, Bobbi Brown na
Permanent · New York
ESTÉE LAUDER COMPANIES
Global Mps Planner - Skincare
Permanent · Melville
ESTÉE LAUDER
Director, Finance & Strategy, Estee Lauder
Permanent · New York
CLINIQUE
Retail Beauty Sales Manager - Clinique - 37.5Hrs - Stanford Mall - Palo Alto, ca
Permanent · Palo Alto
ROSS STORES
Store Protection Specialist
Permanent · Tampa
ROSS STORES
Buyer, Home
Permanent · New York
ROSS STORES
Buyer
Permanent · New York
ROSS STORES
Store Protection Specialist
Permanent · Chula Vista
ROSS STORES
Store Protection Specialist
Permanent · Miami
By
Reuters API
Published
Jul 29, 2020
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Prada sees recovery in Asia after tough H1, no excess inventory issues

By
Reuters API
Published
Jul 29, 2020


Italian fashion group Prada said on Wednesday that sales had recovered sharply in Asia since June after the fallout from the coronavirus pandemic triggered a 40% decline for comparable revenues in the first half of the year.


Prada - Spring-Summer2020 - Womenswear - Milan - © PixelFormula


The revenue fall to €938 million at constant exchange rates in the six months to June was steeper than a 35% decrease forecast by analysts, according to Smart Estimates provided by Refinitiv.

The Milan-based, Hong Kong-listed luxury group posted a net loss of €180 million, hit by store closures and a near-absence of tourism due to the Covid-19 crisis.

Prada said it had seen double-digit sales growth in Asia since last month, and encouraging signs in other markets as movement restrictions eased. E-commerce delivered sales growth of 100% or more during and after the lockdowns, it said.

In a statement, Chief Executive Patrizio Bertelli said the group was confident that sales would return to growth in the second half of the year.

Prada said it had taken a series of cost-cutting measures during the emergency, including renegotiating rents and cancelling or postponing marketing initiatives. It also scrapped the payment of a dividend for 2019.

It said the quick reopening of its productions sites, which are mostly based in Italy, and the direct control over its supply chain had allowed it to supply stores with new seasonal clothing in time and to manage its stock effectively, without excess inventory.

The global health emergency, which first hit the key Chinese market before spreading to Europe and the United States, interrupted two years of sales recovery at Prada, the result of a revamp plan focused on boosting e-commerce and sticking to full-price sales.

The group earlier this year appointed Raf Simons as co-creative director alongside Miuccia Prada, in a move which many industry observers see as paving the way for a possible succession.

© Thomson Reuters 2021 All rights reserved.