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Sales surge at Prada

// Prada first-half revenue soars 66% at constant exchange rates to £1.11 billion
// In Europe, online sales increased 19% to £217.8m year on year

On constant exchange rates, retail sales at Prada Group were up 60 per cent to £1.11 billion compared to the same period last year, and up 8 per cent to the same period in 2019.

The luxury retailer experienced a strong acceleration in sales in the second quarter despite 17 per cent of the group’s stores being closed at the first half of the year amid Covid-19 restrictions.

The group said online sales “continued to make a strong contribution with triple-digit growth”.

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In Europe, online sales increased 19 per cent to £217.8m year on year although this was a  29 per cent drop compared with the first quarter of 2020.

Prada said sales were impacted by the rafts of store closures across Europe but stated that once stores reopened, sales partially recovered.

It said strong demand partially offset the lack of tourists visiting its European stores.

Wholesale sales were down 37 per cent compared with the equivalent period in 2019.

Prada Group chief executive Patrizio Bertelli said: “The commitment to our brands and stronger ties with our customers have delivered robust growth in sales across markets and product categories. We improved gross margin as well as the group’s profitability, despite the uncertain environment.

“The sales momentum will stay strong in the second half of the year. Our brands have plenty of potential and we will unlock it over the medium term. I look forward to updating the market on this and other topics at a capital markets day that will take place in the autumn.”

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