MILAN — Prada SpA is in transition — and its profits are feeling the impact.
The luxury fashion house on Thursday reported a 23.8 percent drop in net profits for the first quarter, hit by currency headwinds and the rationalization of its wholesale channel. Chief executive officer Patrizio Bertelli and the group’s management are taking the sharp decline in stride, though, saying it stems from the company’s already-outlined plans for a year of consolidation.
A Stella McCartney sketch of a custom dress made from protein-based silk in partnership with biotech lab Bolt Threads. The dress will be displayed at The Museum of Modern Art's upcoming design exhibition, "Items: Is Fashion Modern?"