Prada boasts record-breaking profits

by

Writer

29 March 2011

Mian— With news of an upcoming public offering in stake of Prada spa, more good news was announced by the brand: Prada says it closed 2010 with record profits and sales. CEO Patrizio Bertelli says last year’s sales and profits “were never obtained
before in the history of Prada.” Boosted by the performance of its retail network, the Italian luxury goods house said net profit in the year ended Jan. 31 totaled 250.8 million euros, or $336 million, a 150.4 percent surge compared to 100.2 million
euros, or $140.2 million, in the previous year. sales hit the 2 billion euro mark, lifted by gains across all geographic markets.

“The group has a strong industrial and distribution structure, ready to seize the best opportunities offered by any market,” said Bertelli. "We have spent the last few years focusing on our brands and the development of our retail network,” he . “These results confirm the effectiveness of our strategy.”

The group controls the Prada, Miu Miu, Car shoe and Church’s labels. In a separate development, Fondazione Prada said Monday that it will help restore the historical Palazzo Ca’ Corner della regina in Venice, a Venetian Baroque building erected between 1724 and 1728. The restoration will span an initial six years, and the agreement with the Fondazione Musei Civici di Venezia is meant to be renewed for another six years. The building will be partially opened at the end of Mayand is aimed at developing a cultural project and promoting artistic exhibitions and research.