LONDON — Prada Group said Thursday that first-half consolidated net revenues advanced 11.6 percent to 1.73 billion euros, or $2.25 billion, boosted by double-digit growth in Asia-Pacific and the Americas.
All figures have been converted at average exchange rates for the six months to July 31.
Retail sales in directly operated stores were up 15.6 percent, while wholesale sales fell 3.5 percent as a result of Prada’s decision to whittle down its number of accounts by more than 100.
Sales at the Prada brand grew 14.3 percent, Miu Miu was up 3.7 percent and Church’s 5.1 percent. The company said revenues at Car Shoe fell because of the overall reduction in the wholesale channel.
Chief executive officer Patrizio Bertelli said the company was “proceeding with conviction and determination along its chosen path of development” in an “extremely volatile international economic environment.”
He added: “We shall continue to base our long-term growth strategy on the balanced international expansion of our retail network, achieving efficiency in all areas and constantly seeking quality and stylistic innovation.”
By region, sales in Asia-Pacific were up 17.7 percent, with a “significant contribution” from Greater China, while the Americas notched 13.5 percent growth due to “excellent” retail results, the company said.
Thanks to a high number of tourists, sales in Europe advanced 5.7 percent, with retail sales recording double-digit growth. Sales in the Japanese market were up 16.4 percent at constant exchange rates.
Prada did not report Japanese sales at actual exchange rates, only saying that the double-digit growth “was not reflected in euro-equivalent sales because of the persistent weakness of the yen.”
The company said full financial results for the first half will be released at a board of directors meeting provisionally scheduled for Sept. 17.