Prada profits up 60%, buoyed by handbag sales
24/09/2012
Analysts said its leathergoods sales tend to be more resilient than apparel during an economic downturn and expect the company to outpace its competitors due to its smaller store network.
The Asia-Pacific market delivered the highest growth rate, accounting for more than a third of Prada's total net revenues. Greater China sales rose 50.2% to €334.6 million for the first six months.
Prada said while market conditions would remain challenging for the short term with more volatility, it remains "confident about the near future and will continue to pursue the retail-focused strategy which is an essential pillar of long-term growth prospects”.
Net profit for the first six months of the year was €286.4 million.
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