news 3 days ago

Prada's revenues buoyed by refined digital strategy

The Associated Press

MILAN (AP) — The Prada fashion group says its revenues grew by 6 percent last year as the company honed its social media strategy to draw in customers.

Prada on Friday reported 2018 revenues of 3.1 billion euros ($3.5 billion), compared with 3 billion euros the previous year.

Underlining the success of Miuccia Prada's latest collections, ready-to-wear sales grew by 10 percent, while a new sneaker offering gave footwear a more modest boost. Revenues grew across all geographies, led by Asia Pacific, and across brands, with Prada's 10-percent increase outpacing little-sister brand Miu Miu.

CEO Patrizio Bertelli said digital communication had made consumers "ever more aware of their purchasing choices" and would take on "an even more crucial importance."