Fashion house Prada’s sales soar in 2010

February 11th, 2011 - 12:11 pm ICT by IANS  

Milan, Feb 11 (IANS/AKI) Prada’s sales last year jumped 31 percent to 2.045 billion euros as demand for the top Italian fashion house’s handbags and other luxury items was bolstered by soaring demand in Asia, the company’s stongest market.

Retail sales performed especially strongly, surging 44 percent in 2010, boosted by rising sales in in Asia, the Milan-based company said Thursday.

Prada almost doubled its sales in Asia last year, increasing these by 48 percent in the region, compared with 29 percent in the US and 18 percent in Europe.

“These figures confirm how the strategy of developing our retail network is a winning one,” said Prada’s chief executive Patrizio Bertelli.

“Exceeding the 2 billion revenue threshold allows us to now concentrate on further challenging new goals,” he added.

Prada in late January kicked off a listing process on the Hong Kong stock exchange that could value it at more than 6 billion euros.

China is the world’s fastest-growing market for luxury goods and, if successful, an initial public offering would make Prada the only European luxury group and the only Italian company to list in Hong Kong.

The group, which includes the Prada, Miu Miu, Church’s and Car Shoe brands is 95 percent controlled by the Prada family and its executives.

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