Prada SpA reported stronger earnings as the Italian fashion group benefited from shoppers in Europe and Asia splurging on Prada loafers and Miu Miu bags.
Operating profit rose 49% to €491 million ($547 million) in the first half on an adjusted basis, Hong Kong-listed Prada said Thursday. Analysts expected €457 million.
Prada and Miu Miu’s latest designs have proved popular with fashionistas around the world. The fashion group has reorganized its management with Miuccia Prada, granddaughter of the label’s founder, and Patrizio Bertelli stepping down as co-chief executive officers and Andrea Guerra taking on the leadership role.
Sales rose 20% at constant exchange rates to €2.2 billion, just below estimates. Revenue gained in every region except the Americas, where retail sales dropped 1%.
Menswear and womenswear are both performing well at Prada, the company said. During the second quarter, Prada unveiled a line of luxury football cleats with Adidas AG. The company said Miu Miu’s Wander and Arcadie purses have had strong sales.
