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The financial report shows that in addition to the latest quarter's net profit growth is less than expected, Prada also warned the sales situation in the European market, saying that sales in the last two months of 2013 may decline year-on-year.
In this regard, Bank of Communications International said that Prada's core European market slowed further in November and December, adding to growing concern. The UBS Group released a research report, indicating that Prada's performance situation is still not clear next year, and the management’s views on the gross margin performance next year are also more cautious.
Prada’s results for the first nine months until the end of October show that revenue increased by 10.1% year-on-year to 2.576 billion euros, a slowdown from 11.7% in the first half; EBITDA (profit before tax depreciation and amortization) was 551 million The euro, which grew 12.8%, slowed significantly from the 17.4% increase in the first half of the year, mainly due to a sharp drop of 16.4% in the wholesale business in the third quarter, as well as increased sponsorship spending and retail expansion plans.
In terms of business performance, the further slowdown in Prada's main growth market, Greater China, is worrying. Looking at revenue growth, the European market experienced the greatest slowdown, followed by Greater China.
Like other luxury giants such as LVMH and Kering, Prada's recent performance has also been affected by China's thrifty style of recovery.
“Generally speaking, luxury brands are in a downward trend. For Prada itself, on the one hand, it is because the core consumers are escaping quickly; on the other hand, it is the latter (mainly represented by urban white-collar workers). ) Marginal consumers are more.†Zhou Ting, dean of luxury goods and wealth quality research institute, pointed out to the reporter of “Daily Economic Newsâ€.
In addition, just in late October of this year, Prada and Coty (CotyInc.) reached a partnership to create, develop and distribute the iconic fragrance series under the MiuMiu brand. The MiuMiu fragrance series is expected to be launched in 2015. This move is considered by the industry. Prada has introduced new measures for sales performance.
Prada Q3 performance worse than expected Greater China slowdown
The financial report shows that in addition to the latest quarter's net profit growth is less than expected, Prada also warned the sales situation in the European market, saying that sales in the last two months of 2013 may decline year-on-year.
Affected by the impact of currency exchange, the Italian luxury goods giant Prada Group (01913, HK) has recently delivered a less-than-expected third-quarter transcript. Its net income has only increased by 7.1% to 850 million euros.