Luxury fashion house Prada said today that all of its efforts will be directed to overcoming the financial damage done by coronavirus.
Prada reported strong growth in the year to the end of January, but said the outbreak “interrupted [its] growth trajectory”.
The Italian designer brand said today that it expects the epidemic to have a negative impact on this year’s results.
“This is a huge and unprecedented event that will draw deeply on our sense of responsibility. Our full concern and support go to the people that are facing these tough times.
“The safety and the well-being of our colleagues as well as of our customers all over the world are of the greatest importance to us and we will do everything we can to help overcome this crisis together.
“Although it is difficult to forecast the evolution of the epidemic, we are expecting a negative impact on this year’s results and we are implementing a comprehensive contingency plan to mitigate it, relying on our flexible supply chain and lean organisation.
“The soundness of our financial structure gives us the confidence to overcome this exceptional moment and to be ready to capture the recovery when it arises.”
In the year to 31 December, net revenue was up three per cent to €3.22nm and earnings before interest and tax was €307m. Net income was €256m and the company’s operating cash flow was €362m.