Prada, LVMH Dismayed to Report China’s Anti-Extravagance Efforts Are Working

A Prada store in Beijing. Photograph by Photograph by Nelson Ching/Bloomberg

How important are China’s nouveaux riches to Prada? The luxury goods maker is based in Milan, but its stock is traded in Hong Kong, part of the company’s effort to boost its presence in Asia. No doubt Chinese consumers love the brand, with Prada today reporting sales of €826 million ($1.13 billion) in Greater China last year, a 15 percent increase from 2012. Prada’s overall sales grew 9 percent, to €3.59 billion.

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