85 406
Fashion Jobs
NEIMAN MARCUS
Senior Manager, Fulfillment Operations
Permanent · PITTSTON
NEIMAN MARCUS
Loss Prevention Investigator- Charlotte
Permanent · CHARLOTTE
LULULEMON
Visual Merchandising Specialist | Toledo Local
Permanent · TOLEDO
LULULEMON
Community Specialist | Martha's Vineyard
Permanent · EDGARTOWN
LULULEMON
Community Specialist | Market Street, Lynnfield
Permanent · LYNNFIELD
LULULEMON
Expeditor (9pm - 2am) | Scottsdale Fashion Square
Permanent · SCOTTSDALE
LULULEMON
Visual Merchandising Specialist | University Place, Orem - Full Time
Permanent · OREM
LULULEMON
Visual Merchandising Specialist | The Shops at Mission Viejo
Permanent · MISSION VIEJO
LULULEMON
Community Specialist | Village Meridian
Permanent · MERIDIAN
NORDSTROM
Customer Service Representative - Montgomery Mall
Permanent · BETHESDA
NORDSTROM
Retail Stock - Chandler Festival Rack
Permanent · CHANDLER
NORDSTROM
Customer Service Representative - Old Orchard Center
Permanent · SKOKIE
NORDSTROM
Chef - Nordstrom Grill - City Creek Center
Permanent · SALT LAKE CITY
NORDSTROM
Retail Stock - Mayfair Collection Rack
Permanent · WAUWATOSA
NORDSTROM
Asset Protection - Agent - International Plaza
Permanent · TAMPA
NORDSTROM
Area HR Business Partner - NE Stores - CT/NY Market
Permanent · NORWALK
NORDSTROM
Retail Stock - The Village at Totem Lake Rack
Permanent · KIRKLAND
NORDSTROM
Service Experience Rep - Fashion Island
Permanent · NEWPORT BEACH
NORDSTROM
Asset Protection - Agent - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Security Ambassador - Pentagon City
Permanent · ARLINGTON
NORDSTROM
Asset Protection - Agent - Westfield Culver City Rack
Permanent · CULVER CITY
NORDSTROM
Retail Stock - The Palms at Town & Country Rack
Permanent · KENDALL
By
Reuters API
Published
Jul 29, 2020
Reading time
2 minutes
Download
Download the article
Print
Text size

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 2024 All rights reserved.