Prada group records a double-digit quarter. During the January – February 2023 period, the group signed by Miuccia and Patrizio Bertelli generated 1.07 billion euro (+22% on yearly basis), with double-digit growth for brands (Prada +21%, Miu Miu +42%) and categories (shoes +20%, handbags +14%, apparel +38%). “During the course of the first quarter, China went back to being...
Richemont’s financial statement and Tapestry’s quarter are both positive. The Swiss group closed the fiscal year on March 31st with record revenue (nearly 20 billion euro) and operating profit (5 billion euro). The group beat market forecasts and reinforces the with to remain independent. Tapestry too managed to do more than expected during the 3rd...
Eight industrial buildings, 44,000 square meters, 100 million euro invested, 226 employees, 4.5 million products shipped. These are the numbers of Prada’s new distribution center in Levanella, near Montevarchi. The site is now at full regime, and beside from distribution operations, it hosts quality control over all products of the Prada group. The luxury brand,...
Gucci is worth 17 billion euro and confirms itself as the Italian brand with the highest value, said Brand Finance Italia 100 2023. Moreover: from the report emerges that Italy increasingly means luxury. The value of Gucci in fact, is a record in a segment inside which brands are “on average those with the highest...
One is used to hearing that the super-rich are the target clientele of luxury. And that this is what shields the big brands from market bad weather: because there may be war, crisis and inflation, but a nabob will continue to spend like a nabob. From the Financial Times’ investigation into the golden moment of...
“I don’t work towards the next 5 years, but the next 50”. It’s what Patrizio Bertelli, CEO of Prada, said out loud. The future challenge will be of mixing the artisanal side of the business with new technology. He is also evaluating potential acquisitions of manufacturers within the territory. That being said, the majority of...
Hermès increases production. Kering wants to reduce it to become sustainable. On Friday, 7 April 2023, Hermès inaugurated a new production site in Louviers. It is the twenty-first owned by the brand. Two more openings are planned for this spring, in Tournes (May) and Saint-Junien (June). Three more are under construction and will open in...
Massimo Vian, industrial director of Prada, has no doubt: the group continues to believe that it’s the right time to close on 400 new hires (220 in leather goods lines, 76 in the footwear ones). Talking to the economical insert of QN, the manager doesn’t lose time with topics such as inflation and the war in...
There is beauty in being a luxury subcontractor. A ‘beauty’ that translates into orders, employees and turnover that have been growing for years. For example: there are companies that have quintupled the number of their employees working for fashion labels. And they are ready for further expansion plans. The widespread labour shortage and the difficulty...
Prada needs a total of about 450 people to increase production. Half in leather goods (about 220), then 153 in clothing and knitwear, and finally 76 in footwear. Rapid-fire hirings affecting all the production sites that the group, led by the couple Patrizio Bertelli and Miuccia Prada, owns in Italy. And that’s not all: Prada […]
It is difficult to stand out (and remain independent) in a concentrated luxury market. Yet, it is not impossible. There are several examples to testify to this, but the model is Cucinelli (or, proportionally, Golden Goose): a brand that is able to cultivate its own difference, breaking away from the standards dictated by the big...
The bankruptcy of Silicon Valley Bank, the precipitous rescue of Credit Suisse. Finance is in turmoil and stock market players are looking for certainty. Citi Bank turns the spotlight on luxury, and suggests four sure-fire investments. These indications for once do not concern the usual high-end molochs (LVMH, Kering and similar), but smaller holding companies...
Analysts expect Gucci to focus on leather handbags during its new cycle. Meanwhile, one thing is for certain: they will be sold at higher prices. Data by Retviews-Lectra shows that the brand has an undersized offering of leather goods, compared to its competitors. Additionally, it applies lower prices, probably to reach a larger consumer basis....
“Parallel convergences”, one might say, quoting Aldo Moro. On different assumptions and with different objectives, Prada and Richemont are working on dual listing. The first group, which has already publicly declared its objective, has not yet resolved the bureaucratic complexities of the dual listing in Hong Kong and Milan. The latter, recently embroiled in rumours...
The Prada group is running fast. 2022 accounts have exceeded expectations: 4.2 billion euros in revenues and net profit of 465 million euros, +58% on 2021. A real bang, solid and reassuring to the point that, in 2023, the group could already reach 4.5 billion euros in revenues. Well in advance, therefore, to the medium-term […]
Prada to 10 billion in revenues in 10 years. This is how Patrizio Bertelli (in the Imagoeconomica photo) imagines his group. The growth in turnover must be sustained by increasing production and the Tuscan entrepreneur confesses to be looking at “possible acquisitions along the supply chain, starting with the network of our suppliers”. He also...
A rethinking of the shoe is underway. Recent fashion weeks confirm it. Trainers have entered a tired phase. For men, brands are offering loafers and for women, boots and low heels. This does not mean that we are moving towards a fashion without trainers. But that, perhaps, the monopoly of sportswear is coming to an...
The appointment of Pharrell Williams to head Louis Vuitton‘s men’s collections may work, writes the Financial Time. The fact that a person with little fashion experience covers the role of creative director of a luxury giant does not preclude the possibility of success: there are illustrious precedents. But the magazine does not hide the more […]
We have been saying for a while now that LVMH is ahead in the competition with archrival Kering. But this time it’s François-Henri Pinault (in photo from Wikipedia) to score a point. Because while the financial results of 2022 were ambivalent, the stock market responded well to Kering’s plans to recover. Meanwhile, the newly nominated creative director...
The Cleo Chandelier sandal turns 50. “It is a work of art. It’s like the Kelly bag,” says René Caovilla. In what way? Demand is so high that the brand cannot keep up with it. The identikit buyer is the 28-34 year old woman who has seen the model on her mother’s feet and now...
