August 1, 2018 / 2:01 PM / 3 months ago

Italy's Prada opens 'new phase' after posting rising H1 sales, profits

MILAN, Aug 1 (Reuters) - Italy’s Prada said a “new phase of progress” had begun for the group, after the fashion brand posted rising sales, profit and income in the first half of the year.

The Milan-based luxury group, jointly run by spouses Miuccia Prada and Patrizio Bertelli, is looking to cement first signs of a turnaround after profits have been falling since 2014. In March it said it would return to grow this year after stemming a sales slide in the second half of 2017.

Prada, founded in 1913, said on Wednesday that the results of the work aimed at reshaping the brand - including the renovation of its retail network, a push on its e-commerce and refreshing its products - were “visible and supported by positive signals from the market”.

Revenues in the first six months of the year were up 9.4 percent at constant exchange rates year-on-year and net income rose 10.7 percent to 105.7 million euros ($123.4 million). ($1 = 0.8565 euros) (Reporting by Giulia Segreti; editing by Francesca Landini)

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