Prada First-Half Sales Rise 29 Percent, Boosted by Luxury Demand in Asia
Prada Group, the Italian luxury company that operates the Miu Miu, Car Shoe and Church’s brands, said first-half revenue rose 29 percent, led by demand in Asia.
Sales rose to 930 million euros ($1.23 billion) in the six months ending July 31, the Milan-based company said today in an e-mailed statement. The closely held fashion house didn’t report figures for profit.
Asia “still remains the most dynamic market,” Prada said, adding sales in the area surged by 70 percent. Revenue rose 41 percent in the U.S. and 37 percent in Europe.
Luxury goods companies including Hermes International ScA and Burberry Group Plc have reported higher sales as customers resume spending after the recession. Prada in June said it was following market trends to “evaluate the most suitable moment” to sell shares in an initial public offering.
Prada and Miu Miu brands were “especially” successful, the company said. Prada sells its leather goods, clothing and accessories in More than 70 countries.