Prada APAC sales jump 29% YoY in 2021

The sales in the region reached around $1.3b.

The sales of Italy-based luxury brand Prada in the Asia Pacific region rose 29% year-on-year in 2021, reaching around $1.3b (EU1.2b), and 30% higher than figures in 2019.

In a statement, Prada said the sales in the region was sustained by demand in key markets during the period compared to 2019, with China, Korea, and Taiwan, posting 56%, 90%, and 61% increase in sales, respectively.

Revenues in its market in Japan was at $326.7m (EU297m), 16% higher than 2020 but 17% below 2019 levels due to the prolonged restrictions because of the pandemic. Sales in the country improved in the second half of the year.

The Middle East, meanwhile, saw a 62% year-on-year increase in sales, reaching $133.1m (121m), which is also 43% higher than 2019, because of the resumption of tourism.

Overall, Prada posted a 41% YoY increase in total net revenue at around $3.7b (EU3.4b), with retail sales increasing 40% compared to the previous year. Its net income for 2021 reached $323.4m (EU294m).

The Group’s sales in Europe was at $823.97m (EU749m), rising 35% YoY, whilst its sales in Americas doubled, reaching $629.3m (EU572m), which is a 103% YoY increase.

“The Prada Group’s start to 2022 has been strong. Our long-term strategy is on track, focused on distinctive brand identity, product quality and industrial know-how, direct distribution and sustainability at the core of our values. Decisive actions to evolve the business and navigate the changing luxury market drove outstanding growth and increased profitability in 2021,” Group CEO Patrizio Bertelli said.

“These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine 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 people suffering and we will continue to support them,” Bertelli added.

EU1 = $1.10