MILAN — A reduction in tourist flows to major markets ranging from Europe and the Asia Pacific to the U.S. and Japan, dented Prada SpA’s preliminary revenues in fiscal 2016 year, but the Italian fashion group said it saw a “clear improvement in the second half of the year,” and “positive results in January.”
In the 12 months ended Jan. 31, Prada registered a 10 percent decrease in sales to 3.18 billion euros, or $3.37 billion, compared with 3.54 billion euros, or $3.91 billionn in the same period last year. Dollar figures have been converted from the euro at average exchange rates for the periods to which they refer.
“This past year we implemented a profound phase of business process rationalization – still underway – and identified important strategies to secure the Group’s future growth,” said chief executive officer Patrizio Bertelli. “This included revising our digital strategy with the creation of a highly skilled team with professional experience from the digital technology and new media industries.
“In the meantime we are strengthening the retail management structure with the aim of integrating online channels with traditional channels in a truly innovative dimension. I am confident that this new global vision will enable our brands to fully express their strong potential, and generate sustainable growth: High-quality products, high level of creativity in both communications and customer relationships.”