Prada Group representatives reported a 40% drop in the company's revenue amid the coronavirus pandemic - its profit has reached € 938 million this year.
To cut costs and overcome the crisis, the brand had to close 70 stores around the world, as well as reduce marketing spending by 32%.
Patrizio Bertelli, Prada Group CEO, noted: "I am very proud of the commitment and sense of responsibility demonstrated in these circumstances by all our people. The first half of 2020 saw a temporary interruption of our growth trajectory which, in a situation of progressive control of the pandemic, we are confident will gradually resume from the second half of 2020, when our store network will again be fully operational," WWD reported.
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