Prada posts over €180m net income in H1

This is despite seeing sales drop in its APAC business.

Prada reported it posted a €188m net income in the first half of the year, up from €97m in the same period in 2021. 

The company’s net revenue stood at €1.90b, reflecting a 22% year-on-year growth; of which €1.678b were from retail sales, €194m were from wholesale sales, and €29m were royalties. 

“In the first six months of 2022, Prada Group delivered growth in both revenue and profitability, continuing to invest with a long-term perspective in creativity, industrial know-how, and product Innovation,” Patrizio Bertelli, Prada Group CEO, said.

“Thanks to our global presence and geographical distribution of sales, we have more than compensated for the impact of the various lockdowns in Mainland China and sanctions on Russia, where we continue to support our people despite store closures.”

READ MORE: Prada APAC sales jump 29% YoY in 2021

Across its markets, Prada saw a decline in its retail performance in the Asia Pacific, where it declined by 7% YoY to €590m. This was largely driven by lockdowns in Mainland China from mid-March. 

Prada noted this was offset by strong performances in Korea and Southeast Asia. 

Meanwhile, Japan and the Middle East sales were up 28% to €161m and 24% to €80m, respectively. 

Moreover, Prada’s retail performance in Europe and the Americas also improved by 34% and 116% to €486m and €360m, respectively.