Italy's Prada opens 'new phase' after posting rising first-half sales, profits

MILAN (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)