Staff changes on cards at Prada after profit fall
16/12/2015
The revenue rise was due to directly operated store sales; wholesale revenues decreased 16% as a result of the group’s decision to reduce its presence in that channel.
The European market has grown in the nine-months to the end of October. It was boosted by the weakening of the euro which triggered a flow of Asian and American tourists. The Italian market recorded growth rates well above the average for the continent.
The Japanese market performed well, driven by the rising number of Chinese tourists.
However, sales in the Asia Pacific market recorded a 4.9% decrease at current exchange rates due to reductions in both local consumption and tourist flows within the region, with Hong Kong and Macau particularly affected.
CEO Patrizio Bertell said: “Over the last few months, we have seen a general worsening of the macroeconomic environment: in particular, continuing volatility on financial markets and rising fears on the social and political landscape have made consumers less willing to spend and decreased tourist flows in some countries.
“Stylistic continuity, one of the Group’s core strengths, together with a flexible organization capable of adapting to market changes, will be key features of our strategy in the near future. This will allow us to react to evolution in demand through design and creative decisions always in line with the tradition and positioning of our brands. With this in mind, we are reviewing the group’s organisation in order to streamline processes and further strengthen it with new key personnel.”
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