Prada Is Beating The Odds With Increased Sales For The Second Half Of 2020
The main driver for this growth came from China, where there is a strong local market from its growing middle class as well as Gen Z spenders.
The post Prada Is Beating The Odds With Increased Sales For The Second Half Of 2020 appeared first on LUXUO.
Very few brands can say they have done well last year because with the virus still rampant and resurging across many countries, it would count a blessing if they could minimise the impact to the smallest. Across the board, luxury brands and conglomerates such as Kering, LVMH and Chanel are registering poor sales records while independent brands are finding it difficult to simply operate. In a report by Bain & Company, it is expected that the luxury sector will only see a recovery to 2019 levels by the end of 2022 or early 2023. But as vaccine programmes are gradually rolled out and more approvals coming along, perhaps the timeline projected can be shortened and the road to recovery can be kickstarted.Â
Unlike the rest of the players in the industry, Prada has beaten the odds to achieve ?a full recovery to 2019 levels? for the month of December. Despite having to close multiple stores accounting to 9% of its entire network, the Italian fashion house ?saw a progressive recovery in sales.? While Prada did have a dip in its retail channel for its second half ? an average of 6% drop at constant exchange rates ? the company reported a positive recovery in all geographical areas with Asia-Pacific region having the larges...
The post Prada Is Beating The Odds With Increased Sales For The Second Half Of 2020 appeared first on LUXUO.
Very few brands can say they have done well last year because with the virus still rampant and resurging across many countries, it would count a blessing if they could minimise the impact to the smallest. Across the board, luxury brands and conglomerates such as Kering, LVMH and Chanel are registering poor sales records while independent brands are finding it difficult to simply operate. In a report by Bain & Company, it is expected that the luxury sector will only see a recovery to 2019 levels by the end of 2022 or early 2023. But as vaccine programmes are gradually rolled out and more approvals coming along, perhaps the timeline projected can be shortened and the road to recovery can be kickstarted.Â
Unlike the rest of the players in the industry, Prada has beaten the odds to achieve ?a full recovery to 2019 levels? for the month of December. Despite having to close multiple stores accounting to 9% of its entire network, the Italian fashion house ?saw a progressive recovery in sales.? While Prada did have a dip in its retail channel for its second half ? an average of 6% drop at constant exchange rates ? the company reported a positive recovery in all geographical areas with Asia-Pacific region having the larges...
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