PRADA, in perfect shape for Hong Kong IPO

Italian luxury fashion groupPrada said Thursday its 2010 sales topped its target of 2 billion eurosmostly due to increased sales in Asia where it is about to launch its first IPO (Hong Kong).

Sales jumped 31 % to 2.05 billion euros, with a 48 % rise in sales in Asia and gains of 29 % in the United State and 18 % in Europe.

Prada said sales at existing stores was up 22 %, with the gain pushed up by 44 % with new outlets included.