Hopes for a permanent recovery in the luxury retail market have been given a lift with the release of Prada’s full year 2003 revenue results.

In a statement accompanying the release, the Italian fashion house said that in the first three months of 2004, its US sales were up 24% compared with the year before, while in China they were up by 66%. Predictably, the European picture was more subdued, with a 7% increase being seen, though even this was ahead of many observers’ expecations.

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