When the group headed by a Miuccia Prada and Patrick Bertelli announced the targets in November 2021, promised to exceed 4 billion in 2024. Instead, this goal was already reached and surpassed last year with net revenues of 4,2 billion, up 21% compared to 2021. Le retail sales equal to 3,7 billion recorded an increase of 24% with contributions from all the categories of product: leather goods (+18%), clothing (+27%), footwear (+29%). From the point of view geographical, the modest decline in the Chinese market was more than offset by sales in Europe which recorded +68% and in the Americas +22%.
The group has also accelerated the investments, especially in retail, which in 2022 rose to 276 million from the previous 217, with the aim of reaching 300 this year. The four key areas will be marketing communication, retail, production centers and digital systems.
They are the first accounts in the group for which the family has set up an generational change with the arrival at the end of January as CEO of Andrea Guerra. Patrizio Bertelli, who leaves his position as CEO, is indicated as president, Miuccia Prada creative director together with Raf Simons of Prada and creative director of Miu Miu.
Now the group is looking ahead, with forecasts for an increase in turnover, new acquisitions and a possible double listing
“We achieved our profitability targets in 14 months instead of three years. And if all goes well we also reach the one on revenues than in 2023 could exceed 4,5 billioni,” he said Patrick Bertelli, executive director of Prada, in an interview with Il Corriere della Sera. The hope is that between ten years Prada to become “a reality that has a turnover of ten billion".
Furthermore “We are looking at possible acquisitions along the supply chain, starting with the network of our suppliers. Unfortunately in the early 2000s it was lost knowhow because so many small entrepreneurs have closed because there hasn't been a correct generational transition” Bertelli continues adding that “it is essential to safeguard the supply chain because the know-how is here in Italy, working for the benefit of conservation of the species. Then whether French, American or Italian groups do it, it doesn't matter”.
Regarding the rumors about a dual listing in Milan, as Prada is already listed on the Hong Kong Stock Exchange, Bertelli said that “it remains an option that we are analyzing in terms of feasibility. But there are still many technical aspects to solve because there are no precedents”.
The new governance and the proposed dividend of €27 per share will be brought to the shareholders' meeting on 0,11 April
Il new governance design it will be approved by the group's assembly on April 27, which will confirm the "significant changes in governance, with a view to continuous evolution", explains the group. “The recent changes to the governance structure mark a fundamental evolution for the Group.
At the same meeting, the board of directors will propose a dividend of 0,11 euro per share. In 2022 we strengthened our positioning and our structure, and in the current year - explained Bertelli - we intend accelerate the execution of the strategy. The goal is to continue along a path of stable and sustainable growth, which will lead us to fully exploit the great potential of our brands". It was the Retail channel to drive the development, continues Bertelli, “with a strong and widespread organic growth of both Prada both of Miu Miu which recorded an excellent performance in all product categories and in all geographical areas, offsetting the results of China still penalized by the pandemic".
“I'm joining the Prada group at a time of great change, he said Andrea Guerra —, finding a lot of energy. The group has a broad growth potential which comes from an extraordinary creative vision and industrial strength. We will continue to invest in the desirability of our brands, in the renewal of the sales network and in manufacturing excellence. The punctual execution of the strategy will be decisive in the coming years, and in particular it will be essential to aim for excellence in the Retail channel, to strengthen the relationship with customers and offer increasingly frequent moments of interaction". for 2023 Guerra expects new growth: «China has once again become an engine of growth».
The passing of the baton to Lorenzo Bertelli
He spoke at the conference call with analysts and investors Lorenzo Bertelli, eldest son of Bertelli and Prada, 34 years old, currently head of social responsibility for the fashion group and who in a few years will assume the operational leadership of the group, a passage of the baton to achieve which the family called Guerra. “We continue to implement our ESG strategy and invest to reduce the impact of our activities on the environment”.
