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

[MILAN] Italian fashion group Prada reported a 10 per cent 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 (S$4.833 billion), down from 3.55 billion euros a year before. At constant exchange rates sales were down nine per cent, in line with a Thomson Reuters estimate of 3.2 billion euros.

The Hong Kong-listed group sold 12 per cent less at constant exchange rates in its biggest market, the Asia Pacific. Sales fell 13 per cent 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 rationalisation, still underway, and identified important strategies to secure the Group's future growth," said chief Executive Patrizio Bertelli in the statement.

REUTERS