Prada 1H Profit Soars on Asia Sales
Milan-based luxury brand Prada said on Tuesday that its profit increased by 74 percent in the first half of this year on higher sales of leather good in China and other Asia-Pacific countries.
Italian luxury retailer Prada on Tuesday reported a 74 percent profit increase in the first half of this year on higher sales of leather good in China and other Asia-Pacific countries.
In a report, Prada said its net income rose to 179.5 million euros ($244 million) in January to June 2011, up by 74 percent from 103 million during the same period in 2010, while the company’s revenue increased by 21 percent to 1.13 billion euros.
The maker of quality leather items attributed the increase to the “outstanding” sales in the Asia-Pacific market, growing by 35 percent to 368 million euros in the first semester of 2011.
The Greater China region, along with the rest of Asia, provided the biggest contribution in Prada sales – beating Italy and Europe as a whole.
Milan-based company’s luxury brands – Miu Miu, Church’s and Car Shoes – also registered strong gains in Asia during the period.
It was the first earnings report of Prada – which is known for its stylish leather handbags – since its initial public offering at the Hong Kong burse in June.
The company raised more than $2.4 billion in its IPO, which also aims to increase its presence in China.