Prada expects profits of EUR150m
Italian fashion house Prada has said it expects profit to rise as it widens its foothold in Asia.
The Milan-based maker of leather goods expects profit of at least EUR150.7 million ($215.3 million) for the six months to July, according to a filing with the Hong Kong stock exchange on Friday 3 June, 2011.
Net income more than doubled to EUR253.6 million by January 2011 from a year earlier, the filing showed.
Prada plans to use most of the proceeds from its Hong Kong listing on expansion and renovation of its stores over the next 18 months as the company bets on increasing demand for luxury products in China and the rest of Asia.
“Our growth over the past five years has largely been driven by growth in the high growth and rapidly developing Asian markets, and particularly in China. We believe that there is still substantial potential for growth in Asia Pacific,” Prada said in the filing.
