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    1913   IT0003874101

PRADA S.P.A.

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Delayed Hong Kong Stock Exchange  -  04:08 2022-08-12 am EDT
45.20 HKD   +0.22%
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Russian shopping malls lose up to 30% of footfall, developer's son says

06/13/2022 | 12:40pm EDT
FILE PHOTO: A woman walks past a closed 're:Store', an Apple reseller shop at a mall in Saint Petersburg

(Reuters) - Russian shopping malls are "de-energised" and have lost up to 30% of their footfall following the exodus of Western brands, the son of one of Russia's most prominent property developers was quoted as saying on Monday.

Emin Agalarov, a pop star and first vice president at the Crocus Group founded by his billionaire father Aras Agalarov, was quoted by the RBC media outlet as saying the loss of key tenants could spell the end for shopping malls altogether.

"If you have a luxury shopping centre, you need Prada, Chanel, Louis Vuitton; if it's the middle category - Zara, H&M, Reebok, Adidas," RBC quoted Emin Agalarov as saying in an interview. "And if you don't have them, then the venue becomes depersonalised."

He estimated that Crocus Group's huge flagship Vegas and Crocus City shopping centres on the outskirts of Moscow had lost 30% of their traffic. Crocus might have to open a bowling alley or a warehouse if it was left with vast spaces that it was unable to lease.

A press number for Crocus was not answered and the group did not immediately respond to a request for comment.

Many Western brands have exited Russia or suspended operations since Moscow sent tens of thousands of troops into Ukraine on Feb. 24. A handful of former McDonald's Corp restaurants reopened on Sunday under a new brand in one of the most high-profile examples of a Western brand exiting.

Many retailers have opted simply to close for now, leaving Russians with fewer stores to choose from at shopping centres and in Moscow's central luxury district.

(Reporting by Reuters; Editing by Kevin Liffey and Peter Graff)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 0.69% 173.2 Delayed Quote.-32.06%
CHRISTIAN DIOR SE 0.22% 671.5 Real-time Quote.-8.22%
HENNES & MAURITZ AB 0.15% 133.2 Delayed Quote.-25.31%
LVMH MOËT HENNESSY LOUIS VUITTON SE 0.13% 694.5 Real-time Quote.-4.59%
MCDONALD'S CORPORATION 1.12% 262.18 Delayed Quote.-3.28%
PRADA S.P.A. 0.22% 45.2 Delayed Quote.-9.62%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.22% 60.75 Delayed Quote.-17.93%
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Financials
Sales 2022 3 880 M 3 979 M 3 979 M
Net income 2022 429 M 440 M 440 M
Net Debt 2022 1 709 M 1 752 M 1 752 M
P/E ratio 2022 33,4x
Yield 2022 1,82%
Capitalization 14 391 M 14 755 M 14 755 M
EV / Sales 2022 4,15x
EV / Sales 2023 3,72x
Nbr of Employees 13 140
Free-Float 20,0%
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 5,62 €
Average target price 6,85 €
Spread / Average Target 21,8%
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Managers and Directors
Patrizio Bertelli Co-Chief Executive Officer & Executive Director
Miuccia Prada Bianchi Co-Chief Executive Officer & Executive Director
Andrea Bonini Chief Financial Officer
Paolo Zannoni Chairman
Enzo Greco Group Director-Information Technology
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