Italian luxury fashion house Prada has reported total net revenue of €3.36bn ($3.68bn) for the fiscal year 2021 (FY21), a 41% increase compared with 2020 and up by 8% from 2019.
Driven by full-price sales with ‘strong’ acceleration in the second half of the year, the company’s retail sales grew by 40% to €2.93bn from the prior year, while its wholesale sales also increased by 41% against 2020.
The growth in sales was driven by strong regional performance, including a more than 103% increase in the Americas, more than 62% in the Middle East and 35% in Europe.
For the 12 months to 31 December, Prada’s digital sales increased by 61% compared with FY20, representing 7% of its retail sales.
The retailer’s net income grew by 8.8% to €294m on revenues, while its gross margin for the year was 75.7%.
Its earnings before interest and taxes (EBIT) were €489m, representing 14.5% of its total revenues.
Prada Group CEO Patrizio Bertelli said: “The Prada Group’s start to 2022 has been strong.
“Our long-term strategy is on track, focused on distinctive brand identity, product quality and industrial know-how, direct distribution, and sustainability at the core of our values.
“Decisive actions to evolve the business and navigate the changing luxury market drove outstanding growth and increased profitability in 2021.
“These results give us the confidence to achieve our medium-term targets, even though it is difficult to predict the impact of the Ukraine conflict on the global economy.
“Our concern is for all our colleagues and their families affected by the war, for the local communities and all people suffering and we will continue to support them.”
On 7 March, Prada announced the suspension of its retail sales in Russia due to the country’s invasion of Ukraine.