NEWS

Highlights

• Net revenues at Euro 1,570 million, up 2% at current FX compared with 2018
  • Retail stable, full price sales growth offset sharp reduction in markdowns
  • Positive trend in Wholesale, mainly driven by e-tailers
  • Strong appreciation of recent Ready-To-Wear and Footwear collections
• EBITDA: Euro 491 million, 31.2% of revenues
• EBIT: Euro 150 million, 9.6% of revenues
• Net income: Euro 155 million, 10% of revenues, benefitting from Patent Box tax relief
• Net Financial Position: Euro -507 million after paying dividends of Euro 146 million

Patrizio Bertelli, CEO

“Our strategic decision to stop seasonal markdowns and to rationalize the wholesale channel has been well received by the market: full price retail sales increased across the main geographies and product categories, reflecting the soundness of our choice.
We believe that improving consistency in pricing will reinforce the relationship with customers and enhance product value.
Our Prada and Miu Miu collections are receiving significant appreciation from the market, confirming the strength of our stylistic leadership.
We are strongly committed to driving digital technology across the business, leading to more efficient decision making, as we are aware that digital innovation is key to compete in an evolving market.
Executing this program is the necessary step towards sustainable revenue and margin growth, which we will target by strengthening our brands’ cultural heritage – essential to our Group’s future.”