MILAN - Growth across the board for all group brands in all markets as well as tighter cost controls helped Prada SpA report a fivefold increase in net profits last year to 47 million euros, or $59.9 million, up from 9 million euros, or $11.4 million,...
MILAN - Growth across the board for all group brands in all markets as well as tighter cost controls helped Prada SpA report a fivefold increase in net profits last year to 47 million euros, or $59.9 million, up from 9 million euros, or $11.4 million, in 2004. Sales grew 10 percent up to 1.33 billion euros the previous year, or $1.65 billion. EBITDA grew 30 percent, to 201 million euros, or $256.5 million. Sales were calculated on a constant currency and same-store basis, and dollar figures were converted from the euro at current exchange rate.
“I am pleased with our results in 2005 and our progress in the first half of this year,” said Patrizio Bertelli, chairman and chief executive officer of the group, in a statement. “Revenues grew in all our key markets and we have improved profitability by increasing efficiency and controlling costs. We have focused on the core brands and the financial restructuring is well under way. We can now speed up our investment plans and leverage the strong momentum of all our brands worldwide.”
Prada SpA includes the Prada, Miu Miu, Car Shoe and Azzedine Alaia labels and these year-end financial figures do not take into account the Helmut Lang and Jil Sander brands’ performance in 2005. These two brands, sold earlier this year, fall under the ITMD Investments B.V. umbrella, which also controls Prada SpA.
A spokesman determined Prada SpA’s debt at “below 700 million euros,” or $893.4 million, to be reimbursed to four banks in “the medium term.”
For complete coverage, see tomorrow's issue of WWD.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
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