Latest news with #Guerra
Fashion Network
13 hours ago
- Business
- Fashion Network
Prada Group lifts H1 sales 9% as Miu Miu surges
Prada Group reported a 9% increase in first-half sales at constant exchange rates on Wednesday, defying the luxury sector's slowdown thanks to the strong performance of its smaller but fast-growing brand Miu Miu, even as its core Prada label declined. Net sales for the Italian, family-owned group—which is set to include the Versace label, acquired in April pending regulatory approval—amounted to €2.74 billion. The result was in line with the consensus forecast by Visible Alpha analysts, with growth supported across all regions. Retail accounted for 90% of the group's sales, compared to 8% from wholesale and 2% from licenses, primarily perfumes and eyewear. Prada sales reached €1.647 billion, while Miu Miu posted €780 million. Geographically, the group saw a slowdown in tourist spending but offset it with solid local demand. Sales in the Asia-Pacific region rose 10% to €838 million in the first half. In Europe, despite a softer second quarter, sales grew 9% to €728 million. The Americas posted a 12% rise to €424 million, while Japan increased 4% to €326 million. The Middle East recorded the strongest gain, with retail sales up 26% to €137 million. Retail sales for the Prada brand fell 2% during the period, while Miu Miu surged by 49%, representing nearly one-quarter of the group's total sales in 2023. Last month, the group parted ways with Gianfranco D'Attis, general manager of the Prada brand. In a conversation with financial analysts, Andrea Guerra, the group's CEO who has temporarily taken over the role, said, 'If it's an interim, it will be a long interim.' Guerra expressed optimism about both Prada and Miu Miu's positioning, crediting their ready-to-wear strength as a lever to capture future market share. 'We're happy with the last few months. We don't see any big changes since the beginning of the quarter. We navigated the last period in a new world. We're working in that world. This means we have to have collections that are adapted to this world, collections that have soul, products that are capable of giving emotions. Wealthy customers are looking for unique, personalised products. 'To achieve this, we need to improve our infrastructure, our systems... We're not looking for shortcuts, and we're very attached to full price and efficiency. This means constant vigilance, and every six months we look at how we can become leaner and more agile. This is to remain desirable and unique in this new world.' According to Guerra, enhancing desirability will require focused work on leather goods across both brands, which still offer growth opportunities. He also noted the importance of expanding Miu Miu's physical presence in North America. He estimates store spaces there could increase by 10% to 12% between 2026 and 2027, either through expansions or new openings. The group's adjusted operating profit rose by 8% to €619 million for the half-year, slightly below the €636 million operating EBIT forecast by Visible Alpha analysts. 'This good performance was achieved in a difficult context, somewhat unprecedented in our sector,' said Prada Chairman Patrizio Bertelli. 'We believe that structural growth opportunities remain unchanged, but we are aware that in the short term we may continue to face a turbulent economic environment,' he added. The group reiterated its expectation that the Versace acquisition, agreed in April, will be finalised in the second half of the year. However, a broader recovery in the luxury goods industry remains elusive. Kering, owner of Gucci, reported a 15% drop in quarterly sales on Tuesday, while LVMH posted a 4% decline last week—slightly better than expected. French luxury group Hermès, which recorded a 9% rise in quarterly sales, also showed signs of being affected by the global slowdown.
Fashion Network
13 hours ago
- Business
- Fashion Network
Prada Group lifts H1 sales 9% as Miu Miu surges
Prada Group reported a 9% increase in first-half sales at constant exchange rates on Wednesday, defying the luxury sector's slowdown thanks to the strong performance of its smaller but fast-growing brand Miu Miu, even as its core Prada label declined. Net sales for the Italian, family-owned group—which is set to include the Versace label, acquired in April pending regulatory approval—amounted to €2.74 billion. The result was in line with the consensus forecast by Visible Alpha analysts, with growth supported across all regions. Retail accounted for 90% of the group's sales, compared to 8% from wholesale and 2% from licenses, primarily perfumes and eyewear. Prada sales reached €1.647 billion, while Miu Miu posted €780 million. Geographically, the group saw a slowdown in tourist spending but offset it with solid local demand. Sales in the Asia-Pacific region rose 10% to €838 million in the first half. In Europe, despite a softer second quarter, sales grew 9% to €728 million. The Americas posted a 12% rise to €424 million, while Japan increased 4% to €326 million. The Middle East recorded the strongest gain, with retail sales up 26% to €137 million. Retail sales for the Prada brand fell 2% during the period, while Miu Miu surged by 49%, representing nearly one-quarter of the group's total sales in 2023. Last month, the group parted ways with Gianfranco D'Attis, general manager of the Prada brand. In a conversation with financial analysts, Andrea Guerra, the group's CEO who has temporarily taken over the role, said, 'If it's an interim, it will be a long interim.' Guerra expressed optimism about both Prada and Miu Miu's positioning, crediting their ready-to-wear strength as a lever to capture future market share. 'We're happy with the last few months. We don't see any big changes since the beginning of the quarter. We navigated the last period in a new world. We're working in that world. This means we have to have collections that are adapted to this world, collections that have soul, products that are capable of giving emotions. Wealthy customers are looking for unique, personalized products. 'To achieve this, we need to improve our infrastructure, our systems... We're not looking for shortcuts, and we're very attached to full price and efficiency. This means constant vigilance, and every six months we look at how we can become leaner and more agile. This is to remain desirable and unique in this new world.' According to Guerra, enhancing desirability will require focused work on leather goods across both brands, which still offer growth opportunities. He also noted the importance of expanding Miu Miu's physical presence in North America. He estimates store spaces there could increase by 10% to 12% between 2026 and 2027, either through expansions or new openings. The group's adjusted operating profit rose by 8% to €619 million for the half-year, slightly below the €636 million operating EBIT forecast by Visible Alpha analysts. 'This good performance was achieved in a difficult context, somewhat unprecedented in our sector,' said Prada Chairman Patrizio Bertelli. 'We believe that structural growth opportunities remain unchanged, but we are aware that in the short term we may continue to face a turbulent economic environment,' he added. The group reiterated its expectation that the Versace acquisition, agreed in April, will be finalized in the second half of the year. However, a broader recovery in the luxury goods industry remains elusive. Kering, owner of Gucci, reported a 15% drop in quarterly sales on Tuesday, while LVMH posted a 4% decline last week—slightly better than expected. French luxury group Hermès, which recorded a 9% rise in quarterly sales, also showed signs of being affected by the global slowdown.
Fashion Network
13 hours ago
- Business
- Fashion Network
Prada Group lifts H1 sales 9% as Miu Miu surges
Geographically, the group saw a slowdown in tourist spending but offset it with solid local demand. Sales in the Asia-Pacific region rose 10% to €838 million in the first half. In Europe, despite a softer second quarter, sales grew 9% to €728 million. The Americas posted a 12% rise to €424 million, while Japan increased 4% to €326 million. The Middle East recorded the strongest gain, with retail sales up 26% to €137 million. Retail sales for the Prada brand fell 2% during the period, while Miu Miu surged by 49%, representing nearly one-quarter of the group's total sales in 2023. Last month, the group parted ways with Gianfranco D'Attis, general manager of the Prada brand. In a conversation with financial analysts, Andrea Guerra, the group's CEO who has temporarily taken over the role, said, 'If it's an interim, it will be a long interim.' Guerra expressed optimism about both Prada and Miu Miu's positioning, crediting their ready-to-wear strength as a lever to capture future market share. 'We're happy with the last few months. We don't see any big changes since the beginning of the quarter. We navigated the last period in a new world. We're working in that world. This means we have to have collections that are adapted to this world, collections that have soul, products that are capable of giving emotions. Wealthy customers are looking for unique, personalized products. 'To achieve this, we need to improve our infrastructure, our systems... We're not looking for shortcuts, and we're very attached to full price and efficiency. This means constant vigilance, and every six months we look at how we can become leaner and more agile. This is to remain desirable and unique in this new world.' According to Guerra, enhancing desirability will require focused work on leather goods across both brands, which still offer growth opportunities. He also noted the importance of expanding Miu Miu's physical presence in North America. He estimates store spaces there could increase by 10% to 12% between 2026 and 2027, either through expansions or new openings. The group's adjusted operating profit rose by 8% to €619 million for the half-year, slightly below the €636 million operating EBIT forecast by Visible Alpha analysts. 'This good performance was achieved in a difficult context, somewhat unprecedented in our sector,' said Prada Chairman Patrizio Bertelli. 'We believe that structural growth opportunities remain unchanged, but we are aware that in the short term we may continue to face a turbulent economic environment,' he added. The group reiterated its expectation that the Versace acquisition, agreed in April, will be finalized in the second half of the year. However, a broader recovery in the luxury goods industry remains elusive. Kering, owner of Gucci, reported a 15% drop in quarterly sales on Tuesday, while LVMH posted a 4% decline last week—slightly better than expected. French luxury group Hermès, which recorded a 9% rise in quarterly sales, also showed signs of being affected by the global slowdown.
Fashion Network
15 hours ago
- Business
- Fashion Network
Prada Group lifts H1 sales 9% as Miu Miu surges
Prada Group reported a 9% increase in first-half sales at constant exchange rates on Wednesday, defying the luxury sector's slowdown thanks to the strong performance of its smaller but fast-growing brand Miu Miu, even as its core Prada label declined. Net sales for the Italian, family-owned group—which is set to include the Versace label, acquired in April pending regulatory approval—amounted to €2.74 billion. The result was in line with the consensus forecast by Visible Alpha analysts, with growth supported across all regions. Retail accounted for 90% of the group's sales, compared to 8% from wholesale and 2% from licenses, primarily perfumes and eyewear. Prada sales reached €1.647 billion, while Miu Miu posted €780 million. Geographically, the group saw a slowdown in tourist spending but offset it with solid local demand. Sales in the Asia-Pacific region rose 10% to €838 million in the first half. In Europe, despite a softer second quarter, sales grew 9% to €728 million. The Americas posted a 12% rise to €424 million, while Japan increased 4% to €326 million. The Middle East recorded the strongest gain, with retail sales up 26% to €137 million. Retail sales for the Prada brand fell 2% during the period, while Miu Miu surged by 49%, representing nearly one-quarter of the group's total sales in 2023. Last month, the group parted ways with Gianfranco D'Attis, general manager of the Prada brand. In a conversation with financial analysts, Andrea Guerra, the group's CEO who has temporarily taken over the role, said, 'If it's an interim, it will be a long interim.' Guerra expressed optimism about both Prada and Miu Miu's positioning, crediting their ready-to-wear strength as a lever to capture future market share. 'We're happy with the last few months. We don't see any big changes since the beginning of the quarter. We navigated the last period in a new world. We're working in that world. This means we have to have collections that are adapted to this world, collections that have soul, products that are capable of giving emotions. Wealthy customers are looking for unique, personalized products. 'To achieve this, we need to improve our infrastructure, our systems... We're not looking for shortcuts, and we're very attached to full price and efficiency. This means constant vigilance, and every six months we look at how we can become leaner and more agile. This is to remain desirable and unique in this new world.' According to Guerra, enhancing desirability will require focused work on leather goods across both brands, which still offer growth opportunities. He also noted the importance of expanding Miu Miu's physical presence in North America. He estimates store spaces there could increase by 10% to 12% between 2026 and 2027, either through expansions or new openings. The group's adjusted operating profit rose by 8% to €619 million for the half-year, slightly below the €636 million operating EBIT forecast by Visible Alpha analysts. 'This good performance was achieved in a difficult context, somewhat unprecedented in our sector,' said Prada Chairman Patrizio Bertelli. 'We believe that structural growth opportunities remain unchanged, but we are aware that in the short term we may continue to face a turbulent economic environment,' he added. The group reiterated its expectation that the Versace acquisition, agreed in April, will be finalized in the second half of the year. However, a broader recovery in the luxury goods industry remains elusive. Kering, owner of Gucci, reported a 15% drop in quarterly sales on Tuesday, while LVMH posted a 4% decline last week—slightly better than expected. French luxury group Hermès, which recorded a 9% rise in quarterly sales, also showed signs of being affected by the global slowdown.
Yahoo
6 days ago
- Sport
- Yahoo
Manchester United Are Prepared To Get A Deal Done For This Valencia Midfielder: Good Signing For Amorim?
In a recent post on X, journalist Sebastien Vidal claimed that Manchester United are prepared to get a deal done for Valencia midfielder Javi Guerra. It is understood that the Red Devils are eager to finalise a move for the Spanish talent this summer. Guerra's Impressive Form In Spanish Football Guerra put in a series of impressive displays at the centre of Valencia's midfield in the previous campaign. The 22-year-old found the back of the net three times and earned three assists in 38 matches for the Spanish outfit last season across all fronts. The Spanish midfield ace caught the eye at times in the middle of the park as he averaged 50 tackles, 15 blocks and 20 interceptions in La Liga. He even distributed possession well in the opponent's half based on his pass completion rate of 77.9% in top-flight football (stats via His current contract at the Spanish club will expire in the summer of 2027 which could make it difficult for the Red Devils to sign him on the cheap this off-season. VALENCIA, SPAIN – FEBRUARY 02: Javi Guerra of Valencia CF celebrates scoring his team's second goal during the LaLiga match between Valencia CF and RC Celta de Vigo at Estadio Mestalla on February 02, 2025 in Valencia, Spain. (Photo by) Will Guerra Be A Good Signing For Manchester United Boss Ruben Amorim? Guerra is a good tackler of the ball and can sense the danger well to earn possession back for his team at the centre of the park. He usually puts his foot through the ball when required and is a tidy passer of the ball as well. The Spaniard can even contribute by scoring and creating a few important goals for his team from midfield. He is primarily a box-to-box midfielder but can also serve as a defensive midfielder or play in the number ten position if told to do so. At 22, the future looks quite promising for Guerra as long as he continues to improve with each season. He would bring a lot of energy and dynamism to Man United boss Ruben Amorim's midfield. The Spanish talent might even help the Red Devils get back to challenging for European football in the Premier League next season. With all things considered, he would be a great signing for the Mancunian giants to pursue before the end of this transfer window. However, only time will tell whether Guerra can make a smooth transition to life at Old Trafford.
