Summary of Prada S.p.A. Q1 2024 Revenue Update Conference Call Company Overview - **Company**: Prada S.p.A. (OTCPK:PRDSY) - **Date of Call**: April 24, 2024 - **Participants**: CEO Andrea Guerra, CFO Andrea Bonini, and various analysts from major financial institutions Key Points Industry and Market Trends - 2024 is expected to show different market trends compared to previous years, emphasizing brand positioning and desirability [4] - The luxury goods market is experiencing a shift, with a focus on creativity and cultural influence [4] Financial Performance - **Total Group Retail Growth**: 18% in Q1 2024, driven by like-for-like sales [4] - **Net Revenues**: €1.187 billion, up 16% at constant FX compared to Q1 2023 [7] - **Retail Sales Growth**: - Prada brand: +7% [8] - Miu Miu brand: +89% [5][8] - **Geographical Performance**: - Asia-Pacific: +16% [9] - Europe: +18% [9] - Americas: +5% [9] - Japan: +46% [9] - Middle East: +15% [9] Brand Performance - **Prada**: Maintained strong desirability and cultural relevance, with growth across all product categories and geographies [4][8] - **Miu Miu**: Significant growth trajectory, regaining its position in the industry, with a balanced product category mix [5][8] Consumer Trends - Chinese consumers showed low double-digit growth in Q1, with a notable increase in spending abroad [16][37] - European consumers exhibited mid-single-digit growth, while North American consumers remained flat [16][37] Future Outlook - The company is optimistic about continued growth, with a focus on retail execution and consumer engagement [10] - Plans for modest store expansions in 2025: 10-15 new stores for Miu Miu and 5-10 for Prada [27] Investment and Infrastructure - Continued investment in brand desirability, marketing, and digital infrastructure is prioritized [28][29] - Focus on verticalization of brand organizations and improving operational efficiencies [28][29] E-commerce and Retail Metrics - E-commerce contribution is around 10% of total sales, returning to pre-COVID growth trajectories [64] - Miu Miu's retail metrics show improvements in store traffic, conversion rates, and customer retention [64] Challenges and Considerations - The company acknowledges the need for careful management of growth to avoid the pitfalls of being overly fashion-driven [48] - The dual listing remains on the agenda but is not a current priority due to other strategic focuses [54] Additional Insights - The performance of leather goods has been strong, with a noted increase in the share of iconic products [46][50] - The company is actively monitoring consumer behavior and adjusting strategies accordingly, particularly in response to tourism trends [33][34] This summary encapsulates the key insights and financial performance metrics discussed during the Prada S.p.A. Q1 2024 revenue update conference call, highlighting the company's strategic direction and market positioning.

Financial Performance - Prada Group reported a net revenue of €1,187.2 million for the three months ended March 31, 2024, representing a 16.5% increase compared to the same period in 2023[4]. - Retail sales net revenue increased by 17.9% year-over-year, accounting for 90% of total net revenue, consistent with the previous year[4]. - Licensing revenue grew by 21.8%, driven by contributions from eyewear and fragrance categories[4]. Brand Performance - Retail sales net revenue for the Prada brand grew by 6.5%, while Miu Miu saw a significant increase of 89.4%[4]. Regional Performance - The Asia-Pacific region experienced a 15.7% increase in retail sales net revenue, driven by the lifting of COVID-19 restrictions[4]. - European retail sales net revenue rose by 18.1%, supported by local and tourist spending[4]. - The Americas recorded a 5% increase in retail sales net revenue, showing slight improvement compared to Q4 2023[4]. - Japan was the standout region with a 45.6% increase in retail sales net revenue, fueled by strong local consumption and rising tourist activity[4]. - The Middle East also saw a recovery with a 15% increase in retail sales net revenue[4]. Store Operations - The company opened 4 new stores and closed 16, resulting in a total of 594 operational stores as of March 31, 2024[4].

Financial Performance - The net revenue for the year ended December 31, 2023, was €2,552 million, an increase of 1.7% compared to €2,509 million in the previous year[13]. - Gross profit margin increased to 67.9%, up from 67.0% in the previous year, reflecting a growth of €53 million[14]. - EBIT decreased to €850 million, representing 33.3% of net revenue, down from 38.6% in the previous year due to increased operating expenses[14]. - Operating expenses rose to €882 million, accounting for 34.6% of net revenue, primarily due to increased marketing activities and personnel costs[14]. - The company reported a net income distribution of €350,558,888.00 as a final dividend, equating to €0.137 per share, and €216,181,596.21 retained in earnings for the year ending December 31, 2023[39]. - Net income for the year was €566,740,484, down from €571,683,175 in 2022, representing a decrease of about 0.8%[95]. - The company paid dividends totaling €281,471,000 in 2023, an increase from €179,118,000 in 2022, reflecting a commitment to returning value to shareholders[96]. Strategic Initiatives - The company reported significant progress in strategy, organization, and digital development, reflecting the resilience of the luxury goods sector[9]. - Prada's strategic initiatives are aimed at enhancing customer experience and expanding market presence through unique offerings and collaborations[9]. - The company continues to focus on digital transformation initiatives to support operational and revenue growth, including omnichannel capabilities and ERP integration[12]. - The company has established a risk management system to manage, forecast, and mitigate risk exposures, ensuring long-term sustainable business development[25]. - The company is committed to maintaining high standards of corporate governance to create long-term sustainable value for stakeholders[41]. Sustainability Efforts - The company achieved a 58% reduction in Scope 1 and 2 greenhouse gas emissions compared to the 2019 baseline[12]. - The company is actively promoting a culture of sustainability through internal and external initiatives, such as Sea Beyond and Forestami Academy[33]. - The company has established a clear roadmap for its sustainability strategy, focusing on greenhouse gas reduction and the use of low-impact materials[1]. - The company is focusing on mid-term goals and internal KPIs to monitor progress, particularly in reducing carbon emissions and transitioning to environmentally friendly materials[33]. Corporate Governance - The board consists of 11 directors, with 6 executive and 5 independent non-executive directors, and approximately 36% of the board members are women[44]. - The company has established written procedures regulating securities trading by directors and employees with insider information, ensuring compliance with standard codes[43]. - The board held six meetings in 2023 to discuss corporate strategy, evaluate financial performance, and approve major investments, with an average attendance rate of 83.33%[48]. - The company emphasizes the importance of corporate culture as a foundation for long-term business success and sustainable growth[52]. - The board's composition includes family relationships, with Miuccia Prada Bianchi and Patrizio Bertelli being spouses, and their son Lorenzo Bertelli also serving as an executive director[57]. Risk Management - The company faces risks related to employee health and safety, product quality, and environmental regulations, which could impact financial status and reputation[1]. - The company manages credit risk through monitoring customer creditworthiness and implementing insurance contracts[34]. - The company employs derivatives like interest rate swaps to mitigate interest rate risks affecting future cash flows[35]. - The company has established credit risk management strategies to monitor and verify customer reliability and repayment capacity[166]. Investments and Acquisitions - The company acquired a minority stake in Italian family business Luigi Fedeli e Figlio S.r.l., known for high-quality knitwear, demonstrating commitment to protecting Italian craftsmanship[12]. - The company invested €390 million in Prada USA Corp for the acquisition of a strategically valuable real estate asset located at 724, 5th Avenue, New York, which currently houses a Prada store[19]. - The company completed several mergers in 2023, including the integration of Church's brands into Prada entities, enhancing operational synergies[135]. - Investments in subsidiaries and associates rose to €1,312,798,000 as of December 31, 2023, compared to €793,436,000 in the previous year, indicating significant growth in investment value[198]. Financial Position - The company’s total equity as of December 31, 2023, was €2,842 million, an increase from €2,563 million in the previous year[16]. - The company’s net financial position showed a surplus of €65.7 million, down from €389.8 million in the previous year[16]. - The debt-to-equity ratio improved to -2.1% from -15.5% in the previous year, indicating a stronger financial position[16]. - As of December 31, 2023, total assets increased to €4,746,880,745, up from €4,631,226,949 in the previous year, representing a growth of approximately 2.5%[92]. Operational Highlights - The company emphasized strict execution and optimized organization as key factors in maintaining brand appeal and global visibility[9]. - The balanced product category mix contributed to growth and stability, driven by successful fashion shows and collections[9]. - The company invested €113,447,000 in property, plant, and equipment in 2023, compared to €88,904,000 in 2022, indicating an increase in capital expenditures[96]. - The company has established specific teams to manage real estate activities, ensuring strategic retail locations are secured and maintained[29]. Market and Customer Engagement - Prada successfully launched exclusive collaborations, including the "Adidas Football for Prada" collection and a partnership with Axiom Space for NASA's Artemis III mission[9]. - The brand hosted a series of impactful events, such as Prada Extends in Bangkok and the Pradasphere II exhibition in Shanghai, enhancing global brand experience[9]. - Prada's innovative approach and ability to interpret contemporary trends have been pivotal in driving sales and customer engagement[9]. - The company invests in regular store renovations and employee training programs to improve customer experience and brand image[28].

Financial Performance - Prada Group achieved revenue of €4.7 billion, representing a growth of +17% at constant exchange rates[12]. - Retail sales amounted to €4.2 billion, also reflecting a +17% increase at constant exchange rates[12]. - EBIT reached €1.062 billion with an EBIT margin of 22.5%, showing a +37% increase at current exchange rates[12]. - Net income for the group was €671 million, marking a +44% growth at current exchange rates[12]. - The company reported a net operating cash flow of €726 million[12]. - Prada Group's net sales reached €4,726,411 thousand for the year ending December 31, 2023, representing a 12.5% increase from €4,200,674 thousand in 2022[70]. - The adjusted EBIT for the year was €1,061,692 thousand, accounting for 22.5% of net sales, up from 20.1% in the previous year[72]. - The net income attributable to the group was €671,026 thousand, a 44.2% increase from €465,193 thousand in 2022[70]. - The company reported a significant increase in operating cash flow, with a net amount of €725,596 thousand compared to €695,527 thousand in the previous year[72]. - The group’s gross profit margin improved to 80.4%, compared to 78.8% in the previous year, reflecting effective cost management[70]. - The company achieved continuous retail growth for 12 consecutive quarters, driven by full-price and year-on-year sales increases[74]. Retail and Market Expansion - The group operates 606 directly operated stores across over 70 countries[15]. - Prada's retail sales for the brand increased by +12%, while Miu Miu saw a significant growth of +58%[8]. - The company opened 26 new stores and closed 32 stores, ending the year with a total of 606 directly operated stores[76]. - The Asia-Pacific region saw retail sales net amount rise by 17.4% to €1,446,146 thousand, up from €1,231,659 thousand[79]. - Retail sales in the Asia-Pacific region increased by 24%, with Japan showing the highest growth at 43.8%[85]. - The company completed approximately 130 renovation and reset projects in its retail network during the year[76]. Sustainability and Ethical Practices - Sustainability remains a core part of the company's strategy, aiming to be a "driver of change" in various business aspects[10]. - The sustainability strategy is built on three pillars: Earth, People, and Culture, aiming to reduce environmental impact and promote diversity[55]. - The company has set greenhouse gas reduction targets recognized by the Science Based Targets initiative (SBTi) for scopes 1, 2, and 3[55]. - Prada Group's mission is to drive change for the planet, people, and culture, integrating sustainability into its core business strategy[20]. - The group has adopted a zero-fur policy across all brands and joined the Fashion Pact, reinforcing its commitment to ethical practices[34]. - In 2023, Prada launched its first jewelry collection made from 100% certified recycled gold, emphasizing its focus on sustainability[35]. - The company has made significant progress in environmental sustainability, reducing Scope 1 and 2 greenhouse gas emissions by 58% compared to the 2019 baseline[77]. - The company has invested in sustainable aviation fuel (SAF) credits to accelerate decarbonization in the aviation sector[77]. Corporate Governance and Leadership - Prada Group's board of directors includes Patrizio Bertelli as Chairman and CEO, alongside other executive members, ensuring strong leadership and governance[65]. - The board of directors consists of eleven members, including six executive directors and five independent non-executive directors[128]. - The board is committed to maintaining a strong governance structure with a mix of experienced executives and independent directors[128]. - The company emphasizes the importance of cultural and sporting interests in its brand identity and business strategy[128]. - The board's diversity policy emphasizes that diversity should not be limited to gender, reflecting a broader commitment to inclusivity[194]. - The company has established a comprehensive audit plan and sustainability report for the fiscal year 2023[198]. Strategic Initiatives and Future Outlook - Future strategies will focus on expanding the retail network and enhancing operational excellence[9]. - The company continues to explore opportunities for growth through potential mergers and acquisitions in the luxury sector[60]. - Prada Group's strategic focus includes enhancing its brand presence through new product development and market expansion initiatives[60]. - The company aims to enhance brand appeal and retail performance in 2024, despite geopolitical and macroeconomic uncertainties[126]. - Future product development and technological advancements are key priorities for the company to maintain competitive advantage[138]. Employee and Talent Management - The company has a total of 14,876 employees as of December 31, 2023, with 40% located in Italy and 63% of the workforce being female[155]. - Prada Group's significant investment in employee training and development aims to preserve craftsmanship and foster new talent[56]. - The company emphasizes talent retention and development through training programs and performance management processes to ensure operational quality[103]. Financial Management and Risk - The company manages credit risk through monitoring customer creditworthiness and debt repayment ability, and has implemented various preventive measures to enhance cash management efficiency[111]. - The company faces liquidity risk, which is managed by the board and the finance director, ensuring that financial resources are optimized to meet financial obligations[112]. - The company has implemented a risk management system to address various risks, including those related to the rapidly changing luxury goods industry and brand appeal[100]. - The company has established a tax risk management system that includes ongoing dialogue with tax authorities in the countries where it operates, aiming to minimize potential uncertainties related to tax risks[114]. Shareholder and Financial Structure - The group proposed a final dividend of €350,558,888 for the fiscal year 2023, equating to €0.137 per share, subject to shareholder approval[159]. - As of December 31, 2023, the distributable reserves available for shareholders amount to €1,951.7 million[159]. - The company has no current plans for the purchase, sale, or redemption of its listed securities during the fiscal year 2023[159]. - The company’s total lease liabilities amounted to €2,110.9 million, slightly increasing from €2,107.6 million in 2022[94].

Investment Rating - The report maintains a BUY rating on Prada SpA, indicating a potential return of over 15% over the next 12 months [2][16]. Core Insights - Prada's 4Q23 net revenue grew by approximately 18.1% year-over-year, driven by a remarkable 82% growth in the Miu Miu brand, surpassing expectations [2]. - The company reported strong growth across all regions, particularly in Japan (cFX +38%) and APAC (cFX +32%), while the US showed sequential improvement [2]. - Management confirmed positive sales momentum has continued into 2024, with expectations of sustained growth despite challenging market conditions [2]. - Prada plans to implement routine price hikes of 4-8% in 2024, focusing on clothing and leather goods, which is expected to support long-term margin expansion [2]. - The closure of outlet stores is progressing, with this segment contributing only about 10% to overall sales, set to be phased out in the next 2-3 years [2]. Financial Summary - Revenue is projected to grow from EUR 4,726 million in FY23A to EUR 5,091 million in FY24E, reflecting a year-over-year growth of 7.7% [3]. - Net profit is expected to increase from EUR 671 million in FY23A to EUR 739 million in FY24E, with a year-over-year growth of 10.1% [3]. - The report indicates a gross margin of 80.8% for FY24E, with EBIT margin projected at 22.9% [8]. - The target price for Prada is set at HK$65.2, representing a 17.1% upside from the current price of HK$55.7 [4]. Earnings Revisions - The earnings estimates for 2024E have been revised to reflect a revenue increase to EUR 5,091 million, up from EUR 5,008 million previously [7]. - Gross profit estimates for 2024E have been adjusted to EUR 4,113 million, indicating a 2.0% increase from prior estimates [7]. - Net profit for 2024E is now projected at EUR 739 million, a slight increase from the previous estimate of EUR 732 million [7].

Financial Data and Key Metrics Changes - Net revenues reached €4.7 billion, up 17% at constant exchange rates compared to fiscal year 2022 [10][50] - EBIT margin improved to 22.5% of revenues, up from 20.1% in fiscal year 2022 [26][51] - Net income increased by 44% to €671 million [27][28] - CapEx for fiscal year 2023 was €753 million, including a strategic real estate acquisition [27][28] Business Line Data and Key Metrics Changes - Retail sales increased by 17% year-on-year, driven by full price like-for-like sales [20][21] - Miu Miu reported outstanding performance with a 58% year-on-year growth, accelerating to 82% in Q4 [53][54] - Ready-to-wear was the fastest-growing category at 31%, followed by footwear at 18% and leather goods at 8% [54] Market Data and Key Metrics Changes - Asia-Pacific saw strong growth of 24% year-on-year, while Europe grew by 14% [23][24] - The Americas ended the year flat, with a slight improvement in Q4 [10][56] - Japan was the best-performing region, up 44% for the year [56] Company Strategy and Development Direction - The company aims to continue enhancing brand desirability through innovative products and marketing strategies [4][6] - Focus on retail excellence and selective wholesale approach to drive profitability [15][52] - Continued investment in sustainability initiatives, including a 58% reduction in Scope 1 and 2 greenhouse gas emissions [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in maintaining above-market growth rates despite potential challenges in 2024 [30][63] - The company anticipates a more linear growth path in 2024, with ongoing investments in innovation and product development [30][32] - Management noted the importance of adapting to changing consumer behaviors and market dynamics [16][30] Other Important Information - The company completed around 130 renovation and relocation projects, accounting for 80% of total retail CapEx [59] - The group retains a solid balance sheet with a net cash position of €197 million at the end of 2023 [28] Q&A Session All Questions and Answers Question: Insights on the beginning of the year and Chinese spending trends - Management noted that Chinese spending is recovering, with individual travelers becoming more prominent compared to group travel [66][72] Question: Contribution of price to sales and outlet strategy - Management confirmed that the contribution from factory outlets is now less than 10% and emphasized the strategic decision to close these outlets [71][72] Question: Performance of Miu Miu and its growth management - Management highlighted Miu Miu's growth as a result of a long-term strategy and emphasized the importance of maintaining a balanced approach to avoid overheating the brand [85][122] Question: Outlook for the US market and store openings - Management expressed optimism for the US market, indicating it could be a leading growth area in the coming years, with plans for strategic store openings [128][133] Question: Leather goods performance and consumer response - Management acknowledged strong consumer response to leather goods initiatives and emphasized the importance of balancing new launches with iconic products [140][147]

Financial Performance - Prada Group's net revenues reached €4.726 billion, a 17% increase at constant exchange rates compared to FY-22[6, 48] - Retail sales grew by 17% at constant exchange rates, driven by full-price like-for-like sales[68] - The EBIT margin improved to 22.5%, resulting in an EBIT of €1.062 billion[6, 48, 92] - Net income increased by 44% to €671 million[75, 92] - The Board of Directors proposed a dividend per share of €0.137, totaling €351 million, representing approximately 52% pay-out ratio[98] Brand Performance - Prada brand sales increased by 12% at constant exchange rates[6, 70] - Miu Miu brand sales saw a significant increase of 58% at constant exchange rates[6, 70] Regional Performance - Asia Pacific retail sales increased by 24% at constant exchange rates[73] - Europe retail sales increased by 14% at constant exchange rates[73] - Japan retail sales showed outstanding growth of 44% at constant exchange rates[73] - Americas retail sales remained flat[57, 73, 90] ESG Initiatives - The company achieved a 58% reduction in Scope 1 & 2 GHG emissions compared to the 2019 baseline[24] - Over 75% of leather and textile suppliers are involved in the ZDHC program[40] - 63% of the total workforce are women[42]

Prada, the designer fashion brand, saw its profits soar 44% higher in 2023, highlighting the luxury sector’s strong performance last year. Profits at the Italian group jumped to €671 million in the 2023 financial year, driven in part by the “exceptional momentum” of its Miu Miu brand. Sales at the bag and shoe brand rose 58% year-on-year, Prada revealed. Patrizio Bertelli, Prada chairman, said: “We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability. “The Group deli ...

Financial Performance - Prada Group reported a net revenue of €4,726.4 million, an increase of 17.2% compared to 2022 at constant exchange rates[2]. - Retail sales net revenue increased by 17.2% at constant exchange rates compared to 2022[2]. - Retail sales net revenue for the Prada and Miu Miu brands increased by 12.1% and 58.2% respectively at constant exchange rates[2]. - EBIT was €1,061.7 million, representing 22.5% of net revenue, an increase of 36.8% from €776 million (18.5% of net revenue) in 2022[2]. - Net income for the group was €671 million, a 44.2% increase compared to 2022[2]. - The group's net revenue increased to €4,726,411 thousand for the year ending December 31, 2023, representing a growth of 12.5% compared to €4,200,674 thousand in 2022[10]. - Adjusted EBIT rose to €1,061,692 thousand, with a margin of 22.5%, up from €845,176 thousand and a margin of 20.1% in the previous year[10]. - Net sales for the year ended December 31, 2023, reached €4,622,882 thousand, representing a 12.1% increase from €4,124,592 thousand in the previous year[17]. - Adjusted EBIT for the same period was €1,061,692 thousand, reflecting a 25.6% increase compared to €845,176 thousand in 2022[17]. - The company reported a net income of €671,026 thousand for the year, a significant increase of 44.2% from €465,193 thousand in 2022[17]. - The total equity attributable to the owners of the group as of December 31, 2023, was €3,853,795 thousand, an increase from €3,482,217 thousand as of December 31, 2022, representing a growth of 10.7%[21]. Regional Performance - Significant double-digit growth was recorded in the following regions at constant exchange rates: Japan +43.8%, Asia Pacific +24%, Europe +14%, and Middle East +10.5%; growth in the Americas was flat at +0.3%[2]. - The Asia-Pacific region contributed €1,446,146,000 in retail sales, a 17.4% increase from €1,231,659,000[24]. - The Americas saw retail sales of €767,365,000, a slight decrease of 1.8% from €781,825,000[24]. Sustainability Initiatives - The group achieved a 58% reduction in Scope 1 and 2 greenhouse gas emissions compared to the 2019 baseline[15]. - The group has signed an ambitious collective procurement agreement for renewable energy, promoting its use in Europe alongside 11 other brands[15]. - The group has invested in acquiring sustainable aviation fuel (SAF) credits to accelerate decarbonization in the aviation sector[15]. Capital Expenditures and Investments - As of December 31, 2023, the net financial position was positive at €196.9 million, reflecting capital cash expenditures of €759.2 million, including strategic real estate investments[2]. - The group completed approximately 130 renovation and reset projects in its retail network, opening 26 new stores and closing 32, resulting in a total of 606 directly operated stores by year-end[13]. - Capital expenditures for the year included significant investments in property, plant, and equipment totaling €681,453,000, with notable investments in strategic locations such as a property on 5th Avenue, New York[37][38]. Shareholder Returns - The company proposed a dividend of €0.137 per share[2]. - The company paid dividends of €281,471 thousand to shareholders in 2023, compared to €179,118 thousand in 2022, marking an increase of 57.3%[20]. - The board proposed a final dividend of €350,558,888 for the fiscal year 2023, equating to €0.137 per share, compared to €281,470,640 or €0.11 per share for the previous year[27]. Organizational Changes - The new Chief Human Resources Officer was appointed in September 2023, contributing to a stronger organizational structure[15]. - The company has undergone organizational changes, including the appointment of a new CEO in January 2023, to enhance brand performance and resource allocation[40]. - The organization has updated its reporting system to provide regular brand performance reports to senior management[40]. Financial Stability - The total assets as of December 31, 2023, amounted to €7,615,051 thousand, an increase from €7,377,578 thousand in the previous year[18]. - Total liabilities decreased to €3,738,242 thousand from €3,876,556 thousand, reflecting improved financial stability[18]. - The net financial position showed a positive net amount of €196.9 million as of December 31, 2023, compared to a negative net amount of €534.9 million in 2022[69]. - The company maintained full compliance with all financial covenants as of December 31, 2023[71]. Tax and Compliance - The group reported a total tax expense of €298,071,000, which is 6.3% of net revenue, compared to €241,820,000 or 5.8% in the prior year[23]. - The company has appealed against tax notifications from the Italian tax authority, which questioned the deductibility of payments made to Prada Asia Pacific Ltd, amounting to approximately €10.8 million for the 2016 fiscal year[57]. - The company has maintained compliance with corporate governance standards, ensuring transparency and protection of shareholder rights[74]. Future Outlook - The company aims to enhance brand appeal and retail performance in 2024, despite geopolitical and macroeconomic uncertainties[73]. - The business plan for Prada extends for five years starting from the 2024 budget, while Miu Miu's projections extend to 2031[44]. - The company plans to invest in retail property renovations and new store openings as part of its future strategy[44].

Although Fifth Avenue in Midtown reigns as the world’s priciest-to-rent shopping corridor with sidewalk-level stores charging $2,000 per square foot, according to Cushman & Wakefield, there soon might not be anywhere left to rent.That’s because retailers are rapidly buying the buildings that are home to their glamorous stores. It happened again this week with news that Prada is grabbing a second building on the “world’s greatest shopping street” — 720 Fifth Ave. at East 56th Street, next door to 724 Fifth, ...