Prada not looking good outside China

Global Prada sales fell 3.8 per cent last year – but rose 4.6 per cent in greater China.

For all of Asia, the Italian luxury fashion brand’s sales were down 1.2 per cent, but in Japan, which it treats as a separate regional market, sales slumped 14.6 per cent.

The group’s net income for the 12 months was €248.9 million, or 8.1 per cent on net revenues.

Prada says it has made further progress on updating Prada and Miu Miu stores to meet the brands’ new aesthetic concepts; Church’s stores are next in line for restyling.

Meanwhile, the group says its sales plan was supported by bold action on the digital front even as physical retail remained at the centre of its omnichannel strategy. During the year the group strengthened its partnerships with major online sales outlets.

“Moreover, the direct e-commerce channel is growing: it has been enlarged in scope and the new graphic and functional version of the Prada.com website, unveiled in China in December, will be gradually expanded to all countries this year.

In various markets the group has been promoting “pop-up” events in shopping malls to launch products and emphasise brand identity.

As well as the Prada, Miu Miu, Church’s and Car Shoe brands, the group also works in the eyewear and fragrance industries under licensing agreements, and has entered the food industry with the acquisition of Pasticceria Marchesi 1824.

Prada products are sold in 70 countries through a network that includes 625 directly run stores and a network of luxury department stores, independent retailers and franchise stores.