curtains or blinds bring a touch of elegance to any room.
Great curtains make a decorative statement, they say something about who you are and they also protect your home from damage caused by harsh sunlight.
Whether your taste is towards a timeless, classic look afforded by full, floor length curtains in richly coloured damask fabric with swags and tails, or a clean, simple, modern image created by fabric blinds or curtains in a fresh, natural colour, Fabrics etc. can help.
We will guide you through the process of choosing the Curtain style, matching your choice of fabric from our wide range of exciting, quality fabrics with your existing furnishings and then finally ensuring that your curtains are properly made and installed to best effect.
Curtain Sheer Curtains,Voile Curtains,Window Curtains,Blackout Curtains SHAOXING NINGBO DECORATTION FABRIC FACTORY , https://www.curtaincushion.com
However, Prada's results in the third quarter of 2013 were slightly bleak. The financial report shows that during the nine months ended October 31, 2013, the group’s net income was 2.576 billion euros, up 10.1% from 2.339 billion euros in the same period of last year.
Net profit increased by 7.9% to EUR 440.9 million, and operating income increased by 10.7% to EUR 677.8 million. In addition to the worse-than-expected net profit growth in the latest quarter, the Prada Group also warned of sales in the European market, saying that sales in the last two months of 2013 may decline year-on-year.
At the same time, it also confirmed the contribution of the Prada brand and leather goods to the Group, while the sales of the Miu Miu brand in the first 9 months only increased by 2%, and actually decreased by 2.3% in the third quarter. The results were slightly disappointing. However, Mr. Patrizio Bertelli, the Group’s chief executive, expressed his strong belief that Miu Miu’s 2014 performance will show a sharp rise.
Reduced growth of brands such as MiuMiu
Although the comprehensive income in the first nine months was still pretty, the group's net income in the third quarter was 848 million euros, an increase of only 7.1% from 792 million euros in the same period of last year. Earnings before interest, taxes, depreciation and amortization were EUR 270 million, representing a year-on-year increase of 4.4%. Retail same-store sales increased by 7% year-on-year, which is basically the same as in the first half of the year. The growth rate of these single digits has obviously slowed down compared to the first half of the previous year, but the Prada brand and the leather goods category have played a major role in promoting the group.
Among them, the net revenue contributed by the retail channel was 760 million euros, accounting for 90.5% of the total revenue, an increase of 10.5% over the same period of last year. The net income of independent customers and licensed products plummeted by 16.4%.
Divided geographically, the Americas and the Middle East are increasing at a rate of 13.6% and 89.2%, respectively, while the growth rates in Italy and Europe are only 3.4% and 5.2% respectively. The Asia-Pacific region, which occupies the largest market share, also grew by single digits, with an increase rate of 7.87% (an increase of 13% under a constant exchange rate). Compared with 24.8% and 17.9% in the first and second quarters, it has clearly accelerated the slowdown. trend. Among them, the Greater China region was 195.9 million euros, which was only 7.93% higher than the same period of last year.
From the brand division, with the exception of the Prada brand which showed a 9.5% increase to 704 million euros, MiuMiu, Church's, and Car Shoe all declined by 2.3%, 2.8%, and 10.3%, respectively. However, at the end of October this year, Prada and Coty (CotyInc.) reached a partnership to create, develop and distribute the iconic fragrance series under the MiuMiu brand. The MiuMiu fragrance series is expected to be launched in 2015. This move is considered by the industry as Prada pulling. New measures for sales performance.
In addition, Miu Miu has also expanded its Beijing Road flagship store in Hong Kong's famous shopping area, covering an area of ​​1,000 square meters. Its purpose is to continue to expand its Asian operations. To this end Miu Miu launched a series of special limited edition clothing, handbags and shoes. It is reported that all boutique products can only be sold at the Miu Miu Beijing Road flagship store.
Although the performance of the two leading brands, Prada and Handan, was unsatisfactory, despite a third-quarter profit growth of 9% year-on-year to 133 million euros, the performance was less than expected and the turnover did not reach the expected increase of 10%, but investment banks ranked first. CLSA does not appear to have lowered its expectations for the Prada Group. It has maintained its Buy rating and its target price has risen to HK$87.8.
Lyon will also notice that the group's gross profit margin has improved from 73% in the same period last year to 75.5%. Therefore, we believe that its business can still outperform its peers.
However, UBS is not optimistic about the view, cut its operating profit forecast for this fiscal year by about 2%, but still give a "buy" rating with a target price of 85 yuan. Barclays lowered its profit forecasts for 2014 and 2015 by 4% and 3%, respectively, and lowered its target price by 3% to 72 yuan, giving it a "hold" rating.
Abandon low-price promotions and increase direct sales
The opinions of investment banks are not normal anymore. Patrizio Bertelli is not worried about this, and is confident about the upcoming 2014. After the release of the financial report, the Prada Group management expressed satisfaction on the conference with the performance of the Chinese market. Although the number of Chinese tourists traveling to Europe has decreased, the number of tourists visiting the United States has increased.
The group also pointed out that the new tourism law implemented during the 11th National Day this year may have an impact on the business of Hong Kong and Taiwan, but stressed that the impact is only temporary, and only the customers with low spending power are affected.
However, management expressed dissatisfaction with the substantial price cuts and promotions on the US market. Patrizio Bertelli said bluntly, “There are too many department stores in the United States that focus exclusively on the financial situation and ignore the product itself. As I and my team have said before, this management mechanism is too confusing, and what we see there is only Inexhaustible bargains and discounts, these malls simply do not reinforce the brand image and products."
Discount sales undoubtedly imply a decline in profits, and the clearing of inventory is an important reason for the drop in gross profit. The bigger threat is that large-scale discount sales will surely reduce the gap between luxury goods and general consumer goods.
However, its noble, rare, unique, and expensive features have gradually disappeared, and this is the foundation for the industry's survival.
According to relevant media reports, Patrizio Bertelli said: "If Prada wants to increase sales, we can instantly raise 10 million to 20 million euros, as long as we agree with the US department store promotions policy on it, but we want and ' The solemn and respectful brand's wholesalers cooperate, so we would rather give up market share and protect our own brands and products."
As for the slow growth of Greater China, Mr. Patrizio Bertelli said: “The consumption pace of Chinese consumers has not stopped. The number of people traveling abroad has increased significantly. Many people choose to shop in the United States and Europe. The overall future of the European market should not have. Too much volatility, we are still very optimistic about the Italian and Spanish market."
According to statistics, in the first nine months of fiscal 2013, the number of direct sales of the Group increased by 55, of which 66 new stores were opened and 11 were closed. In the financial report, only 14.3% of net sales in the first nine months were from wholesale channels, which was a 6.5% decrease from the same period in 2012. It can thus be seen that the Group’s strategy is to build independent customers and plan to convert franchised stores in the United States and Canada to directly operated stores. It is reported that eight new stores will be opened next year.
The Prada Group also made it clear once again that unfavorable exchange rates and weak consumption patterns in some regions may have an impact on performance, but new stores will continue to open next year. Management believes that new market strategies, company policies, and new products in the spring and autumn will keep Prada The profits that should be achieved, ensure profitability and continue to expand the retail business.
From the brand division, with the exception of the Prada brand which showed a 9.5% increase to 704 million euros, MiuMiu, Church's, and Car Shoe all declined by 2.3%, 2.8%, and 10.3%, respectively. However, at the end of October this year, Prada and Coty (CotyInc.) reached a partnership to create, develop and distribute the iconic fragrance series under the MiuMiu brand. The MiuMiu fragrance series is expected to be launched in 2015. This move is considered by the industry as Prada pulling. New measures for sales performance.
Recently, Google (2013) Chinese fashion brand search list, Italian luxury brand Prada (Prada) increased 130% in search volume has become the most Chinese search luxury fashion brand, the brand's hot fragrance in China and " Killer bag "is inevitable.