Prada sales triple
Italian fashion brand Prada has stated that its profits have tripled in the first three quarters of its business year.
Net income rose to EUR156 million and turnover increased 31% to EUR1.39 billion. Sales grew in all markets, rising 51% in Asia (excluding Japan), 27 % in the US and 20% in Europe, said Prada.
The company remains EUR1 billion in debt from a spree of company acquisitions from the 1990s, but has expanded its network of boutiques in an effort to increase revenue. the Milan-based family-run company was founded in 1913 as a leathergoods shop, and is hoping to be listed on the stock market next year.
“The data confirms that the retail network expansion is a winning strategy,” said Prada’s chief executive, Patrizio Bertelli, in a statement. “These excellent results let us confidently look at the oncoming group's development.”
Mr Bertelli is the husband of Miuccia Prada, the designer who has been at the heart of the company push to become one of the dominant global fashion houses.
