Prada Puts 2019 Income to Reserves of Company

PRADA’S CHANGE OF PLANS:  Prada SpA said Wednesday it would no longer distribute a dividend this year, contrary to a previous decision made last month. The board of the Italian fashion group, which is publicly listed on the Hong Kong Stock Exchange, recommended the allocation at the next shareholders’ meeting, scheduled for May 26, of the entire 2019 net income to the reserves of the company. “Due to the current global financial crisis caused by the widespread COVID-19 pandemic, the board of directors has made this decision to allow the Prada Group to access further resources to rapidly go back to its previous activity levels in the next months,” said the company in a statement. The Italian luxury fashion house delivered improved results last year, registering an acceleration in the second half that continued until the end of January, when it was interrupted by the health emergency. As reported, last year net earnings rose to 256 million euros, lifted by the Patent Box tax benefit for the 2015-19 period, and compared with 205 million euros in 2018. Revenues totaled 3.22 billion euros, compared with 3.14 billion euros a year earlier. Following what chief executive officer Patrizio Bertelli defined as a “very buoyant” start of 2020 for the

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