Find in the news:
BY COUNTRY

Prada's profits plummet by 93%



Almost all of the profits of the Italian fashion house Prada in the first half of 2020 were lost due to the Covid-19 pandemic.
Prada's profits plummet by 93% - Depositphotos

Despite the loss of 93% of profits, Prada management is optimistic about the future. Its performance began to rebound in the second half of 2020, thanks to China's sales recovery. In particular, last year, the luxury group incurred a net loss of 54 million euros (4.7 billion rubles) because of the coronavirus pandemic. By comparison, the group made 256 million euros in net profit in 2019.

Last year, Prada's sales in 2020 reached 2.4 billion euros, down 24% excluding exchange rate fluctuations.  Such results have led to many boutiques' closure due to quarantines and a substantial reduction in tourist traffic. On average, 18% of the chain's retail stores remained closed in different countries throughout the year.

The company's operating profit dropped 93% to 20 million euros. In the first six months of the year, operating losses rose to 196 million euros, but the company achieved a positive operating result of 216 million euros in the second half.

According to a Prada representative, the pandemic accelerated the company's digital transformation and omnichannel strategy. In particular, online sales tripled from 2019, and "the brand's relevance in the digital world has grown." During 2020, Prada also revised its investment program, prioritizing vital strategic projects. Some marketing initiatives were canceled or indefinitely postponed without compromising brand awareness.

Photo credit: depositphotos.com.

More about shopping malls in Italy



DAY BEFORE YESTERDAY, China:
Zhuhai Wanda Commercial Management Group filed for an IPO on the Hong Kong Stock Exchange.
Oct 25, 2021, Finland:
Lippulaiva declared K-Supermarket, Prisma, Lidl, and Tokmanni as anchor tenants.
Oct 25, 2021, USA:
About 200 terminals to sell bitcoins were installed in stores operated by Walmart.
Oct 22, 2021, USA:
Cyber-sports arenas, basketball courts, and aquariums are replacing storefronts and retail spaces.
Oct 22, 2021, USA:
The video host will host a week of "live shopping" as part of its "YouTube Holiday Stream and Shop" event.
Oct 21, 2021, India:
Flagship stores at the mall include Diesel, Replay, Hugo Boss, Emporio Armani, and Paul Smith.
Friend
and Follow
Olympia Einkaufszentrum GLA:602 779 SF
ADDRESS: Hanauer Straße 68, 80993
Germany . Munich
Olympia Einkaufszentrum
Arkadia GLA:1 184 030 SF
ADDRESS: Aleja Jana Pawla II 82, 00-175
Poland . Warsaw
Arkadia
Designer Outlet Malaga GLA:322 917 SF
ADDRESS: 29004, Málaga, Spain
Spain . Malaga
Designer Outlet Malaga
Shopping City Süd GLA:1 862 156 SF
ADDRESS: Europaring 2334 Vösendorf
Austria . Vienna
Shopping City Süd


Edit text

Dear visitor!
If You wish to add appropriate information to this description, please make changes in the text below and they will take effect after being verified by Malls.com administrator.

SAVE CHANGES
ADD PHOTO

Dear visitor!
If you desire to add more photos to this description, please upload them and they will appear on the page after being verified by Malls.com administrator.

CHOOSE PHOTOS
SAVE CHANGES
Sign in Malls.com
Sign in please, if you already have an account

Registration



Error filling
Error filling
Error filling
Error filling
Thank you!
You will receive e-mail with registration data shortly. In email you'll find link, confirm your account by clicking on it, please.

Malls.com Team
Thank you for message!
In the near future you will be contacted the manager
for further details.

Malls.com Team
Good mall, bro!
In the near future you will be contacted the manager
for further details.

Malls.com Team
We are dissatisfied with you :-(
In the near future you will be contacted the manager
for further details.

Malls.com Team

Write to us