Prada reports better than expected results and continues expansion
Italian luxury group PRADA reported this week an 18% increase in sales in 2009. However, the press release did not elaborate on each brand of the group. The release also indicates that the company has managed to self finance its EUR 120 million expansion plan in 2009, with 32 boutique openings.
Due to its high debts and constraints put by the financing consortium of the banks, PRADA has been expanding internationally with directly operated store and is closely following the LOUIS VUITTON model, hoping soon to reach a similar number of stores worldwide. Despite rumours of take overs by various groups including Richemont, the company remains independent and has not sold any of its brands: CHURCH’s, CARSHOE, MIU MIU.
PRADA recently opened in Prague (October 2009), Singapore (November 2009) and Istanbul (November 2009) and is soon to open a large store in LAS VEGAS within the CRYSTALS shopping center. Media in the Middle East has been reporting that PRADA might re-enter the Dubai market by the end of 2010.