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Prada's H1 Operating Profit up 17%, Asia, Europe Boost Sales

A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
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Prada's H1 Operating Profit up 17%, Asia, Europe Boost Sales

A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang

Prada posted a 17.1% increase in adjusted operating profit on Tuesday as the Italian luxury group saw double-digit sales growth in Asia and Europe.

Prada's operating profit rose to 575 million euros ($623 million)for the first six months of the year, beating the 552 million seen in an analyst consensus provided by Visible Alpha, Reuters reported.

Net revenue rose by 17% at constant exchange rates to 2.55 billion euros.

Retail sales of the Prada brand rose by 6% while those at smaller brand Miu Miu almost doubled, the group said.

"While we are vigilant, we remain committed to our strategy and to our ambition to deliver solid, sustainable and above-market growth," CEO Andrea Guerra said in a statement.

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Fashion

Armani Posts 'Single Digit' Sales Drop in 1st Half

FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
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Armani Posts 'Single Digit' Sales Drop in 1st Half

FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo
FILE PHOTO: Designer Giorgio Armani appears at the end of his Haute Couture Fall/Winter 2024-2025 collection show for Giorgio Armani Prive in Paris, France, June 25, 2024. REUTERS/Yves Herman/File Photo

Italian fashion house Giorgio Armani managed to keep its operating profit steady last year and grow net sales by 6% at constant currencies, despite a 'single-digit' slowdown in revenues in the second half which continued this year.
The weakening in sales observed through the first six months of 2024 reflects "an adjustment within the luxury market, especially in the Asia ex-Japan region and the more accessible segment of the offer," Reuters quoted Armani as saying in a statement.
Armani said the group had hiked retail prices only modestly, despite higher inflation driving up costs, because it remained focused on medium-term goals and would not use prices to inflate sales and margins in the meantime.
"We are well-prepared to manage a market slowdown without needing to maximize year-on-year profit at all costs," Giorgio Armani, who turned 90 earlier this month, said in statement.
"I remain steadfast in my belief that a focus on continuity and a pragmatic, consistent approach ... is the only way to navigate the challenges and uncertainties that characterize today's environment," Armani, who is chairman and chief executive of the group he founded, added.
Operating profit at the Milanese group, which makes more than half of its revenues in Europe, totaled 215 million euros.
The family-owned group posted net revenues of 2.45 billion euros ($2.65 billion) last year.