Chinese revenge spending for Prada too. After Furla, the brand led by Patrizio Bertelli and Miuccia Prada announces a rebound in sales in Beijing. A rebound that does not compensate, however, the losses suffered during the lockdown. Meanwhile, by publishing the 2019 CSR Report, the brand puts its supply method of raw materials in writing. Prada purchases nearly 30 million square feet of leather every year: 78% of which is Italian.
Chinese revenge spending
Interviewed by Bloomberg TV, Patrizio Bertelli (pictured) revealed that Prada’s sales in China have grown “significantly”. In other words, they recorded an increase rate of more than 10% in May, compared to the same month a year ago. But, Bertelli himself warned, it is a result that is still far away from compensating for the losses suffered with the closure of the shops. “The European market depends heavily on tourism – added the entrepreneur – and tourism will resume when a vaccine is developed”. Bertelli reiterated that delisting, that is the exit from the stock exchange, is not in the company’s plans: “Our work is focused on the development of the brand. We are working on new products, on expanding our sales network, on enhancing digital technology”.
In 2019, Prada purchased 29.5 million square feet of leather, a slight increase compared to 2018 and 2017. 78% is Italian, 4% of European origin, 18% come from the rest of the world. With regard to Italian purchases: 42% comes from the Santa Croce sull’Arno district, 40% from Arzignano, 12% from Solofra and 6% elsewhere. The data are contained in the 2019 Social Responsibility Report published on May 19. The report underlines the direct link between Prada and the Italian territory, also considering that the brand has collaborated altogether with 370 subcontractors, 85% of which are Italian.
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