Prada report profits

Prada reported profits of 63 per cent to 76m euros, as was reported by Reuters. The luxury Italian fashion house, which also owns Church’s, Miu Miu, and Fendi, is considering selling shares to the public. In a statement on Friday, Prada stated revenues rose 8.2 percent to 1.425 billion euros and core profit gained 24 percent to 236 million euros. The profit growth was “thanks to a more favourable product mix … and more effective stock management,” among other factors, as well as “strict cost control,” Prada said.

Prada first gained notoriety as a premium leather luggage company. Later, its minimal nylon bags became a hit in the early nineties and the discreet triangle logo inspired copies the world over. Patrizio Bertelli, chief executive of the company and the designer’s husband, said Prada’s brands were strengthening globally. “We can be confident as we look forward … to a potential initial public offer in the near future,” he said in the statement.

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