ITALY: Prada FY sales rise 29% on strong demand
Growth was driven by strong demand in Europe and Asia
Strong demand in Europe and Asia, coupled with new store growth, has helped Italian luxury fashion brand Prada to a 29% hike in full-year sales.
The company yesterday (19 February) said revenues surged to EUR3.30bn (US$4.42bn) over the year ended 31 January. At constant exchange rates, sales were up 23%.
Growth was driven by strong demand in Europe and Asia, where sales climbed 36% and 33% respectively. Sales rose 23% in the Americas, 19% in Italy and 14% in Japan.
The overall growth was also boosted by its Prada and Miu Miu brands, which saw sales increase 33% and 16% respectively.
New stores helped retail channel sales jump 36% to EUR2.66bn. The group opened 78 new stores during the year, taking the total number of directly operated stores to 461.
"In a year characterised by a particularly difficult international economic environment, our group has made further important progress along its path of growth, consolidating its position at the head of the luxury goods sector," CEO Patrizio Bertelli said.
"The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy."
Original source: Prada
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