Prada points to pent-up luxury demand with 2021 sales surge

ICYMI: Pent-up demand for luxury handbags and clothes is driving a rebound at Italian fashion house Prada

M:2Dz, Apret

1/23/2022 10:15:00 AM

ICYMI: Pent-up demand for luxury handbags and clothes is driving a rebound at Italian fashion house Prada

Prada sales bounced back sharply in 2021 as pent-up demand for luxury handbags and clothes helped push revenues above pre-pandemic levels, the Italian fashion group said.

Milan-based Prada, known for its minimalist designs, was in the middle of a shift upmarket and online to revive sales when the coronavirus crisis hit, forcing retailers to shut stores around the globe and depriving them of key tourist spending.Register now for FREE unlimited access to Reuters.com

RegisterBut like other luxury groups Prada has emerged strongly from the pandemic thanks to a desire among cooped-up consumers to pamper themselves with high-end purchases. These have not been hit by the same supply chain snags as some other products given that the luxury industry produces mainly in Europe.

Read more: Reuters »

Ohio’s abortion trigger law could outlaw in vitro fertilization: Today in Ohio

Editor Chris Quinn hosts Today in Ohio, cleveland.com's daily half-hour news podcast, today with city hall reporter Courtney Astolfi, editorial board member Lisa Garvin and content director Laura Johnston. Read more >>

swing your arms you f'n weirdos!

20 queer pop culture moments that defined 2021From Lil Nas X and enviable three-way kisses to FreeBritney, 2021 was a historic year for the Queer community. 💕 See more here:

Revisiting 2021 With The Binance Team | Binance Blog2021 was a big year for Binance and the crypto industry as a whole - let's rewind and take a look at some of our key highlights from last year. BabyDogeCoin BabyDogeArmy BabyDoge BabyDogeFamily BabyDogeCoinArmy babydoge_cz_binance Binance BinanceSmartChain BinanceChain BabyDogeCoin 🔥🔥🔥. 🟢GREEN🟢 in a sea of red📈 Trending on CMC, money coming into $GREEN, to take advantage of the 300% APY staking platform. When the markets bad make your money work for you, that’s what smart investors are doing right now! 🚀🔥 GREENCHARTbsc GreenChartBSC

Pennsylvania Set State Record For Gambling Revenue In 2021The rebound continues after pandemic-related shutdowns sapped casino revenue in 2020.

Canceled or Renewed In 2021: Which Shows Won't Be Back in 2022?Canceled or Renewed In 2021: Which Shows Won't Be Back in 2022?

Why Salt Lake City's mayor says she's willing to give herself an A for 2021The mayor of Utah's largest city believes Salt Lake City was able to not just survive but thrive amid new hardships in 2021. Must be nice to do horribly and then have the ability to grade yourself 😹 Falling butt backwards into job and housing growth does not make you a good leader. Her police department is a joke because she refuses to take a hard look at Chief Brown. She is benefiting from state actions and nothing she has done.

Pennsylvania Set State Record for Gambling Revenue in 2021Pennsylvania set another annual record for gambling revenue in the era of online gambling and sports betting, state regulators said, reporting that casinos and other operators won more than $4.7 billion from gamblers in calendar year 2021.

In an unscheduled trading update, Prada said on Tuesday that group sales last year rose 41% at constant exchange rates to 3.364 billion euros ($3.83 billion), 8% above 2019 levels. Milan-based Prada, known for its minimalist designs, was in the middle of a shift upmarket and online to revive sales when the coronavirus crisis hit, forcing retailers to shut stores around the globe and depriving them of key tourist spending. Register now for FREE unlimited access to Reuters.com Register But like other luxury groups Prada has emerged strongly from the pandemic thanks to a desire among cooped-up consumers to pamper themselves with high-end purchases. These have not been hit by the same supply chain snags as some other products given that the luxury industry produces mainly in Europe. Prada is the first major luxury group to release results in 2022, with Richemont and Burberry due on Wednesday and LVMH next week. 1/2 The Prada store is shown in Las Vegas, Nevada, U.S., January 17, 2020. REUTERS/ Mike Blake Read More In November, Prada set itself a medium-term sales goal of 4.5 billion euros and the figure for 2021 was above an estimate of 3.28 billion euros in an analyst consensus cited by UBS. The Hong Kong-listed group, which had not been due to disclose full-year results before March, said sales had particularly accelerated in the second half of last year thanks to its retail network, which grew by 27% compared to 2020 and by 21% compared to 2019, including e-commerce. Core profit also showed a "significant increase" in the second half of 2021 thanks to a higher contribution from the retail channel and a full-price policy, while the group had a "sound net financial surplus" at the end of 2021, it added. "The Prada Group has the capabilities and resources to set itself apart and deliver on its future growth objectives," said Chief Executive Officer Patrizio Bertelli, who said in November he could hand over the running of the family-owned fashion house to his son Lorenzo in three to four years time. read more While Prada's 2021 sales are still below a record 3.6 billion euros in 2013 and growth rates lag industry leaders Louis Vuitton and Hermes, the recovery has been accelerating and analysts say momentum for the Italian brand is strong. UBS analysts estimate that barring a nasty surprise in the final quarter, listed luxury goods companies will end 2021 with an average 30% sales increase at constant currencies, which strip out the effect of exchange rate fluctuations, with group sales exceeding the 2019 level by around 10%. Register now for FREE unlimited access to Reuters.com Register Editing by Silvia Aloisi and Alexander Smith Our Standards: More from Reuters Daily Briefing Subscribe to our daily curated newsletter to receive the latest exclusive Reuters coverage delivered to your inbox. Sign up