Italian luxury brand Prada sees China as a huge potential growth market and expects to triple sales growth in coming years.

“About 40 per cent of our business is from Asia, and it may rise to 50 per cent next year. I don’t think China’s economy will be seriously hit by the global economic crisis,” said Carlo Mazzi, Prada deputy chairman.

Prada sales in Macau, Hong Kong and China totalled €223 million for the six months to July, 38 per cent higher than last year. Its sub-brand Miu Miu yielded 24.9 per cent sales growth during the same time.

China’s strong demand for luxury products gives Prada confidence to open more stores in the country, with plans for an astonishing 50 new stores, including second and third tier cities during the next three years.

In the last six months, Prada has opened 29 new stores worldwide and it aims to establish 15 more in coming weeks,for a total of 358 stores globally.

Prada’s expansion, worth US$200 million, will be strategically focused in Asian countries with a strong weighting to China. 

GB