Italian luxury giant Prada Group has warned that the coronavirus outbreak has “interrupted” growth, despite announcing an increase in revenues for the year to 31 December 2019.
Net revenues for the group, which includes both Prada and Miu Miu, rose by 2.7% to €3.2bn (£2.9bn) for the year. However, EBIT fell 5.3% to £306m (£280m). Wholesale revenues dropped 4% year on year, as the brand phased out mark-downs as part of a wider project to “preserve brand exclusivity”.
Commenting on the results, Patrizio Bertelli, Prada Group CEO, said that despite improvements to revenues in 2019, the beginning of 2020 was already being impacted by the coronavirus pandemic.
“The coronavirus outbreak has interrupted our growth trajectory,” he said. “This is a huge and unprecedented event that will draw deeply on our sense of responsibility. Our full concern and support go to the people that are facing these tough times.
“The safety and the well-being of our colleagues, as well as our customers all over the world, are of the greatest importance to us and we will do everything we can to help overcome this crisis together.”