Prada Group, an Italy-based global leader in luxury goods industry, has reported 24 per cent revenues decline to €2.4 billion in its fiscal year 2020 ended on December 31, 2020 compared to revenues of €3.2 billion in the prior fiscal. The group incurred a net loss for the year of €54 million compared to the net income of €256 million in FY19. “In this disruptive year we have managed to achieve the goals we set ourselves, thanks to the commitment and high sense of responsibility of our people. We quickly responded to market changes, strengthening the relationship with local customers whose consumption in the second half of the year almost fully offsetthe absence of tourists,” Patrizio Bertelli, CEO of the Prada Group, said in a press release. Gross margin during FY20 was €1.7 billion (FY19: €2.3 billion). However, group’s operating loss for the year reduced to €1.6 billion (€2.0 billion). EBIT for the year slipped to €20 million (€307 million). Retail sales were down 18 per cent to €2.1 billion (€1.23 billion) for the reported year significantly affected by lockdowns around the world during 2020 with around 18 per cent of the store network closed. Sales in Europe plunged 35 per cent to €561 million impacted by the absence of tourists and prolonged lockdowns. However, Asia Pacific sales were marginally up 1 per cent to €914 million. On the other hand, sales in Americas, Japan and Middle East decreased 17 per cent (€291 million), 28 per cent (€272 million) and 12 per cent (€78 million) respectively. Wholesale sales for 2020 fell 49 per cent to €275 million. “We successfully reached a good level of profitability and generated significant cash flow, improving our financial position. These results give us confidence to face the upcoming rebound, as soon as the most critical phase of the pandemic will end,” Bertelli said.