Financial Data and Key Metrics Changes - The company reported net revenues of €2,740 million, up 9% versus H1 2024 at constant FX, with a drag from FX of 160 basis points, leading to an increase of 8% at current exchange rates [17] - Retail sales reached €2,450 million, up 10% versus H1 2024 at constant FX [18] - EBIT adjusted reached €619 million in H1 2025, with a margin of 22.6%, showing steady profitability compared to H1 2024 [19] - Net income for the period was €386 million, in line with the same period last year [24] - Cash flow from operations reached €696 million, and the net cash position stood at €352 million [19][26] Business Line Data and Key Metrics Changes - Retail sales for the Prada brand were down 2% in the semester, primarily impacted by Japan and Europe due to lower tourist flows [20] - Miu Miu experienced a 49% retail sales growth in the semester and 40% in Q2, now contributing to 32% of group retail sales compared to 23% in H1 2024 [21] - Churches brand saw a 4% increase in retail sales for the semester and 6% in Q2 [21] Market Data and Key Metrics Changes - Retail sales in Asia Pacific were up 10% in the semester, with stable trends between quarters [22] - Europe saw a 9% increase, with Q2 impacted by lower tourist spending [22] - The Americas showed improvement in Q2, with both local and traveler spending increasing [22] - The Middle East delivered the best performance, up 26% in H1 [23] Company Strategy and Development Direction - The company is focused on maintaining strong brand desirability and investing in new products and collections [8][9] - There is an emphasis on enhancing customer relationships and hospitality, exemplified by the opening of a new men's store on Fifth Avenue [9] - The company is navigating a resetting industry and is committed to long-term growth despite current challenges [28][30] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a cyclical downturn led by tourism and a resetting luxury market after years of growth [6][7] - There is cautious optimism about the second half of the year, with expectations of improved performance as comparisons ease [39][40] - The company is focused on maintaining full-price sales and improving operational efficiencies [30] Other Important Information - The company is advancing its environmental strategy, including lower impact raw materials and responsible chemical management [15] - Significant investments have been made in diversity and inclusion initiatives, as well as ocean literacy and preservation efforts [15][16] Q&A Session Summary Question: Insights on American and Chinese clusters in Q2 - The Chinese market was softer than Q1, with subdued local demand and weaker travel transactions. North America showed low single-digit growth with improving local demand but weakening traveler spending [34][35] Question: Outlook for Q3 and easier comparisons - Q3 is expected to be softer, with tourism traffic likely to break even in August. There are easier comparisons in Q3 versus Q2 [39][40][118] Question: Prada brand's new collection and pricing strategy - The focus is on maintaining credibility at higher price points while ensuring a well-balanced collection. The company aims to improve customer engagement and hospitality [46][47] Question: Operating leverage in H1 and expectations for H2 - The company is pleased with the trajectory but emphasizes the importance of ongoing investments for long-term growth, expecting to maintain EBIT growth if top-line growth continues [50][52] Question: Versace acquisition timeline and management plans - The acquisition is expected to finalize between September and November, with careful management of the brand's identity and positioning [54][55] Question: Retail KPIs and areas for improvement - The company acknowledges a gap in retail culture and commercial attitude compared to the best in the industry, indicating ongoing efforts to improve customer interaction and service [74][75] Question: Trends in product categories and pricing - Ready-to-wear and shoes have been the strongest categories, while leather goods have gained market share despite overall market weakness [78][79] Question: Miu Miu's growth strategy - Miu Miu is underpenetrated in many markets, with plans for geographical expansion and product category growth, particularly in leather goods [110] Question: Impact of tourism on Prada brand - Q3 is expected to see continued cyclical demand pressure related to tourism, with a share of tourist spending roughly 30% globally [119][120] Question: Marketing costs and future expectations - Marketing costs were up 16% year-on-year, with significant phasing expected to normalize throughout the year [121][122]

Group 1 - The CEO of Prada stated that the acquisition of Versace is expected to be completed between September and November [1]

Financial Performance - Group retail sales increased by 10% in H1-25[11, 44, 47, 51] - Net revenues reached €2.74 billion, a 9% increase at constant exchange rates[12, 41, 44, 74] - Miu Miu experienced substantial growth of 49%[12, 47] - Prada sales decreased by 2%[12, 47] - EBIT adjusted margin remained steady at 22.6%, amounting to €619 million[12, 41, 53, 74] - Net income saw a slight increase of 1% to €386 million[53, 74] Strategic Investments - Capital expenditure totaled €247 million[12, 56] - Cash flow from operations was €696 million[41, 63] - The company maintains a solid balance sheet with a net cash position of €352 million[62, 63] Retail and Geographic Performance - Retail channel contributed 90% of net revenues[44] - Asia Pacific retail sales increased by 10%[51] - Europe retail sales increased by 9%[51] - Americas retail sales increased by 12%[51]

Group 1 - Prada (01913) announced that Marina Sylvia Caprotti will resign as an independent non-executive director effective July 30, 2025, to dedicate more time to other duties [1] - Ilaria Resta has been appointed as an independent non-executive director, effective July 30, 2025 [1]

Core Insights - Prada reported a net revenue of €2.74 billion for the first half of 2025, representing a 9% increase year-over-year at constant exchange rates [1] - Adjusted EBIT was approximately €618.5 million, showing a year-over-year growth of 7.55% [1] - Retail sales net revenue increased by 10.1% compared to the same period in 2024, driven by full-price and comparable sales [1] Revenue Breakdown - Retail sales net revenue accounted for 89.5% of total net revenue, consistent with 2024 [1] - Retail sales net revenue for the Prada brand decreased by 2% at constant exchange rates, while Miu Miu's retail sales net revenue surged by 49% [1] Regional Performance - All regions experienced growth, with Asia-Pacific retail sales net revenue increasing by 10.4% [2] - Europe saw an 8.6% increase in retail sales net revenue, despite a high comparison base and reduced tourist spending in the second quarter [2] - The Americas achieved a notable growth of 12.4%, supported by local and tourist demand [2] - Japan's retail sales net revenue increased by 4.3%, reflecting a slowdown in tourist spending but stable local demand [2] - The Middle East exhibited strong performance with a 25.7% year-over-year increase in retail sales net revenue [2]

Group 1 - The company reported a net revenue of €2.74 billion for the first half of the year, slightly below the estimated €2.78 billion [1] - The gross margin for the first half was 80.1%, an increase from 79.8% in the same period last year, and above the estimated 79.7% [1] - Adjusted EBITDA for the first half was €619 million, reflecting a year-on-year growth of 7.7% [1] Group 2 - The net profit for the first half was €386 million, showing a modest year-on-year increase of 0.8%, but below the forecast of €409.7 million [1] - Capital expenditures for the first half reached €247 million, marking a significant year-on-year increase of 46% [1]

智通财经APP讯，普拉达(01913)发布公告，自2025年7月30日起，Marina Sylvia Caprotti女士已辞任公司 独立非执行董事，以投放更多时间于其他公务。 Ilaria Resta女士已获委任为独立非执行董事，自2025年7月30日起生效。 ...

Core Insights - Prada Group reported a net revenue of €2,740 million for the six months ending June 30, 2025, representing a 9% increase at constant exchange rates compared to the same period in 2024 [1] - Retail sales net revenue increased by 10% at constant exchange rates compared to 2024, with Miu Miu's retail sales net revenue rising by 49%, while Prada brand's retail sales net revenue decreased by 2% [1] - All regions experienced growth in retail sales net revenue at constant exchange rates: Middle East +26%, Americas +12%, Asia Pacific +10%, Europe +9%, and Japan +4% [1] Financial Performance - The adjusted EBIT for the first half of 2025 was €619 million, an 8% increase compared to 2024, with a profit margin of 22.6%, remaining stable year-on-year [1] - The net income for the first half of the year was €386 million [1] - The board proposed a final dividend of €0.164 per share for the fiscal year 2024 [1]

Group 1 - Prada announced that Marina Sylvia Caprotti has resigned as an independent non-executive director effective July 30, 2025 [1] - Ilaria Resta has been appointed as an independent non-executive director effective July 30, 2025 [1]

普拉达上半年零售销售额24.5亿欧元。上半年毛利率80.1%，市场预期79.7%。 ...