Luxury Italian fashion brand Prada SpA has announced a net loss of £46m for the year ended 31 December 2020.
While the group reported net profits of £108m for H2 of the financial year, its total revenues for the period fell 24% year-on-year to £2.09bn.
Moreover, retail sales at Prada represented an 18% year-on-year decline, with a 6% fall in H2 contributing to the drop.
Patrizio Bertelli, CEO at Prada, said: “In this disruptive year we have managed to achieve the goals we set ourselves, thanks to the commitment and high sense of responsibility of our people.
“We quickly responded to market changes, strengthening the relationship with local customers whose consumption in the second half of the year almost fully offset the absence of tourists.”
Prada posted an EBIT for 2020 of over £17m, with £185m coming from the second half of the period.
Bertelli added: “We successfully reached a good level of profitability and generated significant cash flow, improving our financial position.
“These results give us confidence to face the upcoming rebound, as soon as the most critical phase of the pandemic will end.”