MILAN — Robust fourth-quarter growth wasn’t sufficient to keep Prada Holding NV’s full-year results from falling substantially under pressure from the sale of its stake in Fendi and a 2001 change in ordering procedures that cut into 2002 sales.
Net profit for the year ended Dec. 31 shed 45.6 percent to $29.2 million from a pro-forma 2001 result of $53.4 million, which excludes results of the 25.5 percent stake in Fendi sold to LVMH Moët Hennessy Louis Vuitton in November of 2001. Including the Fendi stake, net income in 2001 was $60.6 million. Dollar figures have been converted from the euro at current exchange rates.
Issa Rae stopped by WWD's NYC headquarters to talk about season two of "Insecure," which premieres this Sunday on HBO. Click link in bio for all the details. #wwdeye (📷: @jgreenery; Styled by @mayteallende)
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?"