China lifts Prada

Milan-based luxury goods company Prada Group says revenue in the six months to July rose 12 per cent to 1.73 billion euros ($2.3 billion), boosted by growing Chinese demand.

The company’s best performing market was Asia Pacific, where sales grew 19 per cent. Sales in the Americas and Japan increased 16 per cent, while in European they rose 6.7 per cent.

The retail division saw 20 per cent growth while wholesale division fell three per cent.

Prada recorded the highest growth with sales up 17 per cent, followed by Church’s, up 8.3 per cent and Miu Miu, up 7.8 per cent. Car Shoe’s sales fell due to an overall reduction in the wholesale channel.

Prada Group says it will continue adding stores on top of its existing 491.

“We shall continue to base our long term growth strategy on the balanced international expansion of our retail network, achieving efficiency in all areas and constantly seeking quality and stylistic innovation,” said CEO Patrizio Bertelli.

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