According to a statement published on the Hong Stock Exchange, where Prada SpA is publicly listed, the board of the fashion company in April approved the distribution of a shareholders dividend of more than 191.9 million euros that was paid in May and net of 26 percent Italian taxes. This compares with a dividend of 307 million euros paid in 2016.
The designer and her husband, co-chief executive officers of the fashion company, control 80 percent of the group.
The board also approved the appointment of nine directors for a three-year term, including Prada, Bertelli, president Carlo Mazzi and chief financial officer Alessandra Cozzani, with an aggregate basic remuneration of 450,000 euros per year.
As reported, in the 2017 fiscal year ended Dec. 31, Prada SpA registered net profits of 249 million euros, down 4.3 percent compared with 260.2 million euros in the previous year. Revenues decreased 3.6 percent to 3.05 billion euros, compared with 3.17 billion euros in the previous year. At constant exchange rates, sales dropped 2 percent. For transparency, the financial data refers to 12-month pro-forma data from January to December both for 2017 and 2016 because year-end has been brought forward to Dec. 31 from Jan. 31.
Sales of ready-to-wear accelerated in the second half, showing 5 percent growth to 625 million euros, accounting for 21 percent of total. Bertelli at the time touted a positive performance for both Prada men’s and women’s wear and for Miu Miu in the category across all main markets. “We exited the gray area and are in a much brighter spot for Prada and Miu Miu,” Bertelli said. “We’ve been able to attack issues on the industrial side and now we are working on distribution counting on new products.” He added that the group had “seen a promising start to 2018,” expressing his confidence “this is the beginning of a new phase of development.”
First-half financial results will be released Aug. 1.
In June, Bertelli unveiled the group’s new industrial complex in Valvigna, Tuscany, a stunning steel and glass structure designed by Guido Canali and surrounded by luscious gardens and vineyards, and reiterated that he had no intention to sell the company.