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.
@beyonce chose a custom gown by @falgunishanepeacockindia for mother @mstinalawson 's second annual Wearable Art Gala last night. The gown, which took 10 days to make, was inspired by Nubian warrior queen Amanishakheto. Reporting by @hernameislex . #wwdeye 👑 🐝#beyonce
After dressing @justintimberlake for his Super Bowl halftime performance last month, @stellamccartney has designed the star’s "Man of the Woods" tour wardrobe. Timberlake will be wearing a mix of pieces from McCartney’s fall men's collection as well as custom designs and items from his own closet. #wwdfashion
@carmeloanthony is upping his fashion game once again, introducing a hat collection with @goorinbros. Called Fresh Greens by Melo x Goorin, the line consists of five unisex models, all of which are made in America from 100 percent wool. Each hat is lined with Anthony’s signature and the inscription “Knowledge of self, wisdom and understanding.” You can purchase the collection line at Goorin’s website as well as three off its stores in San Francisco, New York City and Las Vegas #wwdaccessories
“I am of tradition, but that doesn’t mean I have an old outlook on life,” Hubert de Givenchy told WWD in an interview in 1978. The legendary designer, who died last week at the age of 91, achieved wide success soon after launching his own couture boutique in the early ’50s, but he refused to pine for that time. For the first time since its original publication, read our interview with Givenchy on his awe for Audrey Hepburn and looking forward. Link in bio. #wwdarchives #fbf (📷: Pierre Schermann)
About last night: @alexachung and @supergausa toasted the launch of their capsule collection. “It’s the shape that I love, so rather than amend the last and make the sole crazy or do anything wild, we just did really subtle additions that I think make it look really luxe-y,” said Chung. #wwdfashion (📷: Marc Patrick)
Exclusive: @off____white’s @virgilabloh is launching an exclusive eyewear capsule collection @sunglasshut. The unisex collection, which is made up of three styles, first made its debut on the brand’s fall runway show in Paris. Get all the details on WWD.com – link in bio. #wwdnews #wwdfashion