Prada 2016 revenue down 10 percent as Asia, Japan lead global decline

By | February 13, 2017

Italian luxury fashion house Prada's logo is seen at a store in Zurich, Switzerland October 26, 2016. REUTERS/Arnd Wiegmann

Italian fashion group Prada (1913.HK) reported a 10 percent drop in revenues on Monday as sales fell across all regions, including Japan and its top market Asia Pacific.

Consolidated revenues in the financial year through January 2017 fell to 3.18 billion euros (3 billion pounds), down from 3.55 billion euros a year before. At constant exchange rates sales were down 9 percent, in line with a Thomson Reuters estimate of 3.2 billion euros.

The Hong Kong-listed group sold 12 percent less at constant exchange rates in its biggest market, the Asia Pacific. Sales fell 13 percent at constant exchange rates in Japan, after five years of consecutive growth, it said in a statement.

“This past year we implemented a profound phase of business process rationalization, still underway, and identified important strategies to secure the Group’s future growth,” said chief Executive Patrizio Bertelli in the statement.

[Source:- independent]