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Hit With $211M First-Half Loss, Prada Sees ‘Recovery’ at Reopened Stores

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COVID-19 hurt first half results, but Prada sees "recovery" at reopened stores driven by local consumers even as tourism remains down.
A Prada store in Japan, where the brand's retail recovery is being driven by local consumption.
CREDIT: Budrul Chukrut / SOPA Images/Sipa USA via AP Images

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Prada S.p.A. said the 40 percent of its stores that closed between February and May heavily factored into a second-quarter loss, but strong online sales and local shoppers visiting reopened stores offer reasons for optimism. In a Nutshell: Prada said it reacted quickly with effective cost containment measures, including reorganizing production to adapt to the…

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