When thinking about fashion, the city of Milan inevitably comes to mind. The major fashion capital is home to the oldest Italian shopping gallery, the Galleria Vittorio Emanuele II, where Mario Prada opened his first boutique of the eponymous fashion house in 1913.
Known for being one of the most influential fashion houses in the world, Prada’s success is due largely to its close study of changes in contemporary society and its commitment to freedom of creative expression. Individuality is part of the iconic Italian luxury brand’s mission to make fashion personal while creating unique, wearable classics.
As with other luxury fashion houses, the Covid-19 pandemic negatively affected Prada Group, which operated with an average of 18% of stores closed in 2020.
Let’s dive into Retviews data to discover more about what makes Prada resilient.
Leather goods vs. clothing: is Prada focusing on the right investment?
According to their 2020 annual report, Prada Group lost around 25% in revenues and in total net sales compared with the previous year. However, the fashion group is seeing sales rise in the second half of 2021, reaching total revenues of 1.5 billion euros in the first half of the year — surpassing analysts’ expectations.