Falling tourism to blame for Prada’s profit dip
22/09/2014
The Italian luxury group said currency fluctuations and a decline in tourists to Asia contributed for flat sales, which totaled €1.75 billion, while profit totalled €244.8 million.
British leather shoe brand Church’s did well with 12.4% growth at constant exchange rates (+13.8% at current exchange rates), as did Car Shoe with 3.6% growth at constant exchange rates.
Prada CEO Patrizio Bertelli said despite difficult economic and geopolitical conditions he is confident in the sector. “The position now reached by the group on the luxury goods market constitutes a solid base for medium-term growth of revenues and margins,” he said. “We shall pursue such growth, paying ever greater attention to excellence, through a focused investment policy and the constant monitoring of costs.”
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