MILAN, April 19 – Prada posted strong results in the first four months of the year as its US business offset the impact of suspended operations in Russia and coronavirus lockdowns in China, a said the CEO of the Italian luxury group.
Patrizio Bertelli added that the Milan-based, Hong Kong-listed fashion house has no plans to revise its targets, but may consider a dual listing on the Milan Stock Exchange in the future. according to an interview published Tuesday in L’Economia, the weekly supplement of Corriere della Sera.
Russia represents only 2% of the group’s sales, but China “is important and in the past 15 days, more than 50% of our stores have been closed,” said the manager.
He added, however, that the company “responded well, beyond expectations” in the first quarter, as the United States compensated for weakness in China, and also reported good results for the first part of the month. april.
Patrizio Bertelli reaffirmed that his son, Lorenzo Bertelli, will succeed him in “three or four years”, and that the opportunity to merge major Italian brands into a single group, following the model of French fashion giants Kering and LVMH, has passed.
“For me, the right time was between 2000 and 2010, now we are way behind,” he said. (Report Claudia Cristoferi, French version Augustin Turpin; editing by Kate Entringer)
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