“In 2016 we carried out a major phase of rationalisation of our operational and management processes – which still in progress – identifying the important lines of action for the future development of the group” said Patrizio Bertelli, CEO of Prada at the presentation of his group’s financial statements. Bertelli explained and justified the loss of 10% of the turnover generated in 2016 (fiscal year ending January 31) that made off revenue of 3,18 billion Euros. A slip that was almost “expected” and that was partly offset by Bertelle statement that “in January we are in positive territory.” Last year’s drop in Prada was quite widespread: Asia-Pacific and America 12%, Japan 13%, Middle East 10%, Europe – 5%. Positive signs are the (re) growth of Russia ( “double-digit” according to what communicate from Prada), the improvement of London ( “favored by the weak pound”), the slight French recovery and the positive trend of the second half of the year in China and Hong Kong. Bertelli also admitted much more has to be done, particularly in the digital environment where, according to many analysts, the brand is behind its competitors. “We must define our digital strategy by setting up a team with high skills and experience arising from the world of digital technologies and new media,” said Bertelli. Also, we are strengthening the management structure in the retail environment, with the aim to integrate the online channel and traditional in a genuinely innovative dimension”.
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