Prada continues expansion in China
Prada Group has confirmed it aims to bring its total number of stores in to 60 by the end of 2014, with 10 to 15 new stores planned, mainly Prada and Miu Miu. New stores will be in second- and third-tier cities such as Urumqi in Xinjiang. While analysts remain cautious about China’s economy which is expected to grow by 7 percent this year, down from 9 percent last year, the company is optimistic. Carlo Mazzi, deputy chairman of Prada thinks this is still a “great” growth rate.
“We continue to think China is an economy which can expand because of its large population,” said Mazzi. Prada has the Chinese consumers in mind even for its non-China expansion. “Chinese people are traveling more and more and increasing very much their [purchases] abroad, [while at the same time spending] a little less on luxury goods in China,” Mazzi added. “But their purchases are continuing to grow very fast overseas.”