Prada Spa Ord

Good day, and thank you for standing by. Welcome to Prada Group first half 2020 FLIR Reels presentation. At this time, all participants are in listen-only mode. After this presentation, there will be a question and answer session. To ask a question during the session, you need to press star 1 and 1 on your telephone. You will then hear an automated message advising your hand is raised. Please be aware that we'll take and answer one question at a time before moving to the next question. And please note that today's conference is being recorded. I would now like to turn the conference over to Mr. Andrea Bonini, CFO. Please go ahead, sir.

Good afternoon, everyone, and thank you for joining the Prada Group's Half-Year 2023 Results Conference Call. I am Andrea Bonini, Chief Financial Officer of Prada Group, and I'm delighted to be with you again. Alongside me today is Mr. Patrizio Bertelli, Chairman of the Board and Executive Director, Andrea Guerra, Group CEO, and Lorenzo Bertelli, Marketing Director and Head of CSR. Mr. Patrizio Bertelli will start today with group highlights for the first half of 2023, followed by Mr. Lorenzo Bertelli, who will provide an overview of our marketing and communication activities and an ESG update. Mr. Guerra will then give you a business update and I will provide details on our financial performance before Mr. Guerra signs off with some closing remarks. As a reminder, certain information to be discussed on today's call is forward-looking and is subject to important risks and uncertainties that could cause actual results to differ materially. Please refer to the disclaimers included in slide two of our presentation. With that, I will hand over to Mr. Bertelli.

Good afternoon and welcome to the presentation of the results for the first half year of the Prada Group in 2023. I would like to start by providing a quick update on the six months we just finished that have posted solid results thanks to the strong identity of our brand and the careful execution of our strategy. We followed up the solid performance of the first quarter with a positive trend in the second quarter as well. And the half year was closed in a growth which was significant and well balanced with net revenues equal to 2.2 billion euros and retail sales that are up 21%. We're happy with the quality of our growth, organic and driven by full price sales with Prada on a robust itinerary and Miu Miu in a significant progression throughout the half year. The group's profitability is further improved with an EBIT margin now standing at 22% of revenues. At the same time, we continue to consolidate the attractiveness of our brands and increase our investments to support them. We accelerated the renovation of our retail network that allows us to improve store experience for our clients and improve productivity. Finally, we increased our industrial investment in order to expand our production capacity and to allow a greater and greater control of quality, sustainability, and industrial know-how. In this framework, we also have to notice the acquisition of a minority stake in Fedeli, another excellent Italian company that we're very happy to collaborate with for future development. Let me now yield the floor to Lorenzo, who's going to illustrate the main initiatives in marketing and sustainability. Thank you.