Italy's Prada opens 'new phase' after posting rising H1 sales, profits

Italy's Prada opens 'new phase' after posting rising H1 sales, profits
Guests visit the Prada factory designed by architect Guido Canali in Valvigna, Italy, June 8, 2018. REUTERS/Stefano Rellandini Copyright Stefano Rellandini(Reuters)
By Reuters
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MILAN (Reuters) - Italy's Prada said a "new phase of progress" had begun for the group, after the fashion brand posted rising sales, profit and income in the first half of the year.

The Milan-based luxury group, jointly run by spouses Miuccia Prada and Patrizio Bertelli, is looking to cement first signs of a turnaround after profits have been falling since 2014. In March it said it would return to grow this year after stemming a sales slide in the second half of 2017.

Prada, founded in 1913, said on Wednesday that the results of the work aimed at reshaping the brand - including the renovation of its retail network, a push on its e-commerce and refreshing its products - were "visible and supported by positive signals from the market".

Revenues in the first six months of the year were up 9.4 percent at constant exchange rates year-on-year and net income rose 10.7 percent to 105.7 million euros (£94.1 million).

(Reporting by Giulia Segreti; editing by Francesca Landini)

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