Prada CEO says first 4 months strong despite Russia, China

(Reuters) Italian luxurious group Prada posted robust leads to the primary 4 months of the 12 months as its U.S. enterprise offset the impression of suspending operations in Russia and coronavirus lockdowns in China, CEO Patrizio Bertelli was quoted as saying.

Bertelli added the Milan-based, Hong Kong-listed style home has no plans to revise its targets, whereas it could contemplate a twin itemizing on the Milan inventory alternate sooner or later, in keeping with an interview with Corriere della Sera’s weekly insert L’Economia printed on Tuesday.

Russia accounts for simply 2% of group gross sales, however China “is important and for the past 15 days we have had more than 50% of our shops closed”, Bertelli stated.

Nevertheless, he added the corporate “did well, above expectations” within the first quarter, with the U.S. offsetting China’s weak spot, and in addition reported good outcomes for the primary a part of April.

The manager reiterated that his son, Lorenzo Bertelli, will succeed him in “three to four years”, and that the chance to merge main Italian manufacturers right into a single group — following the mannequin spearheaded by French style giants Kering and LVMH — has handed.

“For me the opportune moment was from 2000 to 2010, now we are lagging far behind,” he stated.

Supply: Reuters; Reporting by Claudia Cristoferi; Modifying by Kirsten Donovan  April 19, 2022 2:56 AM PDT

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