Prada to target emerging markets
Italian ready-to-wear and leathergoods brand Prada says it plans to open 260 stores new stores in Brazil, China and the Gulf countries over the next three years.
"We aim to speed up expansion by opening 100 stores this year, 80 stores each in 2013 and 2014 globally," said CEO Patrizio Bertelli.
According to Mr Bertelli, demand for Prada leathergoods continues to rise despite the slowdown in Chinese economic growth and the European debt crisis.
The company also plans to expand in Brazil, Morocco, Istanbul, Beirut, Dubai and Qatar.
Its expansion plans will increase the number of Prada outlets to 674, adding significantly to the 388 directly operated stores and 26 franchises it had as of January.
"We currently do not have any shops in India, but we are looking to open a first store maybe in a luxury hotel in Mumbai or New Delhi soon," Mr Bertelli said.
