PRADA’s international expansion behind the company’s fast recovery
Italian luxury group PRADA reported a 31% increase in turnover for 2010, reaching 2,047 billion euros and a record 150% growth in net profit, to a level of 250 million euros. PRADA Group which includes Prada, Miu Miu and Car Shoe, is preparing for its stock exchange listing in Hong Kong. The group attributes growth mostly to the international retail expansion, with the opening of 59 stand alone stores worldwide.
Sales through its own controlled retail network grew by 44% while wholesale distribution registered a staggering 63% increase, with the U.S. performing a 26% growth rate in 2010. By the end of January 2011, PRADA Group counted 327 stores worldwide.