Strong sales in the US offset the impact of Covid lockdown in China
Strong sales in the US offset the impact of Covid lockdown in China

Strong sales in the US offset the impact of Covid lockdown in China

Tuesday, April 19, 2022 at 11.10

Prada said its U.S. performance outweighed problems in Russia and China. (Photo by Pietro S. D’Aprano / Getty Images for Prada)

Designer handbag maker Prada lived up to expectations in the first quarter of the year as U.S. sales offset trade freezes in Russia.

CEO Patrizio Berteilli also said that strong results in the US in the first four months of the year helped offset the impact of Covid lockdowns in China.

In a speech to the Italian newspaper Corriere della Sera, Bertelli said that the fashion house may be considering a double listing on the Milan Stock Exchange in the future along with its current listing in Hong Kong.

For more than two weeks, more than half of Prada’s stores in China have been closed, the CEO said, with the market “important” for overall group performance.

In contrast, Russia accounts for only two percent of the group’s sales.

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