Though full-year revenues for Prada SpA fell by 24 per cent to €2.42 billion, the Italian luxury giant was able to bounce back in the second half. As per Sourcing Journal, the company’s monthly retail sales topped 2019 levels in the second half, despite a second wave of lockdowns across Europe. The recovery in retail sales, which account for nearly 90 percent of Prada’s’s total, was driven in the second half by Mainland China (52 percent growth), Taiwan (61 percent growth), Korea (22 percent growth), with support from the Americas, which saw a 4 percent sales uptick.

In 2020, Prada Group permanently closed eight of its 160 Miu Miu stores, and opened its own franchise Prada location. Across its Prada, Miu Miu, Church’s, Car Shoe and other brands, the luxury group has 633 owned stores and 26 franchise locations.

The company focused on building a dynamic omnichannel experience, particularly with the rollout of nearly 80 popup and special in-store shops in 2020, with around 50 deployed in the second half. These experiences were fully integrated with Prada’s digital campaigns.

As of December 31, 2020, Prada’s net operating cash flows totaled €262.1 million. The group’s net financial deficit improved from €406 million as of December 31, 2019 to €311 million on December 31, 2020.

The brand’s net revenues for 2020 amounted to € 2.4 billion, a decline of 23.6 percent on a constant currency basis from €3.2 billion in 2019. Its net sales declined by 8 per cent in the second half.

The brand’s retail sales declined by18 percent on a constant currency basis, and by 6 percent in the second half. Its retail sales represented 82.8 percent of its total sales last year thanks to the company’s direct-to-consumer online sales, which skyrocketed 217 percent throughout 2020.