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.