MILAN — While the Asia-Pacific area showed signs of recovery and the new ready-to-wear and leather goods collections posted positive results, Prada SpA logged another six months of decline in profits and revenues. In the first half of the fiscal year ending July 31, net profit was down 18.2 percent to 116 million euros from 141.9 million euros in the same period last year.Revenues decreased 5.5 percent to 1.46 billion euros compared with 1.55 billion euros last year.“The complex task of restructuring our operating processes, which is aimed at providing the group with the tools needed to access an increasingly competitive market, is progressing well; however, more remains to be done," said chief executive officer Patrizio Bertelli. "Having one of the best known and most respected international brands, with undisputed leadership in design and innovation, means we have to make choices in the pursuit of growth that privilege the preservation of the cultural and stylistic fundamentals that our brand identity is based on."The group is going through a phase of restructuring and Bertelli pointed to its digital transformation, which "continues apace, enhanced by the launch of e-commerce in all markets, including China. Meanwhile, our dedicated team has expanded significantly to complete the digital presence of group brands and to pursue the important aim of offering a seamless online and off-line shopping experience."Bertelli was positive about long-term growth. "The extensive overhaul of Prada Group’s cost structure creates operating leverage that will allow group profits to benefit rapidly from revenue growth. In the meantime, we will continue to protect cash generation by keeping net working capital and investments under control. We are confident that our action plan is the best way to return to steady growth in revenues and margins, albeit aware that benefits may take longer than expected. Our cash flow and balance sheet remain solid, allowing us to focus on value creation for shareholders over a broad time horizon.
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews
@prada is introducing a new project at its men’s fall 2018 show this Sunday: “Prada Invites.” The fashion house invited four celebrated creative minds – @ronanaerwanbouroullec, Konstantin Grcic, @herzogdemeuron and @rem.koolhaas – to each create a unique item with its iconic nylon material. The designs will be unveiled on the runway show, which will take place at the company’s warehouse in Viale Ortles 25. #wwdfashion #mfwm (📷: @martinocarrera)
@kering_official is spinning off its stake in puma in an effort to focus on its luxury brands, the brand operator announced yesterday. “We are proud to have supported the turnaround of Puma, which now has unrivaled capabilities to take full advantage of the specific dynamics of its global markets and is poised to achieve substantial growth,” said François-Henri Pinault, Kering’s chief executive officer and chairman. Artémis will become a “long-term strategic shareholder” of Puma with a 29 percent stake. #wwdnews #wwdfashion (📷: @jilliansollazzo)
The fashion world mourns for celebrated street style photographer, Nabile Quenum, who died at age 32 in Paris.
Quenum, creator of the fashion blog “J’ai Perdu Ma Veste,” was a fashion week fixture, and regularly shot for New York magazine’s The Cut, among other outlets, and brands such as Louis Vuitton, Moncler and Adidas. He was also actively involved in the #NoFreePhotos initiative, which kicked off in the fall. Read more about Quenum in @kbsmoke's story on WWD.com. #wwdnews
@verwanggang and @maisonladuree have teamed up on a dessert collab called Vera Wang Pour Ladurée. The collection, which launched this week, features a specialty macaroon, as well as a wedding cake inspired by one of the designer’s gowns. “I could not imagine a more delicate or sophisticated creation to grace any couple’s celebration,” said Wang. #wwdfashion