Net revenue

Prada Reports 41% Increase in Total Net Sales for FY21

Italian luxury fashion house Prada reported total net sales of 3.36 billion euros ($3.68 billion) for fiscal year 2021 (FY21), a 41% increase from to 2020 and 8% compared to 2019.

Driven by full-price sales with a “strong” acceleration in the second half, the company’s retail sales rose 40% to 2.93 billion euros compared to the previous year, while its sales wholesale also increased by 41% compared to 2020.

Sales growth was driven by strong regional performance, including an increase of over 103% in the Americas, over 62% in the Middle East and 35% in Europe.

For the 12 months to December 31, Prada’s digital sales were up 61% from fiscal 2020, accounting for 7% of its retail sales.

The retailer’s net profit rose 8.8% to 294 million euros on revenue, while its gross margin for the year was 75.7%.

Its earnings before interest and taxes (EBIT) amounted to 489 million euros, or 14.5% of its total turnover.

Prada Group CEO Patrizio Bertelli said: “The Prada Group has had a solid start to 2022.

“Our long-term strategy is on track, focusing on a distinctive brand identity, product quality and industrial know-how, direct distribution and sustainability at the heart of our values.

“Decisive actions to scale the business and navigate the changing luxury market have generated exceptional growth and increased profitability in 2021.

“These results give us the confidence to achieve our medium-term objectives, even if it is difficult to predict the impact of the Ukrainian conflict on the global economy.

“Our concern is for all our colleagues and their families affected by the war, for the local communities and all the people who are suffering and we will continue to support them.”

On March 7, Prada announced the suspension of its retail sales in Russia due to the country’s invasion of Ukraine.