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Prada’s sales surge on rapid greater China growth

(Source: Inside Retail Asia | August 3, 2018)

Asia has once again energised luxury fashion label Prada’s sales in the first half year.

The company has reported net revenue up 9.4 percent in the six months to June 30 (although a lesser 3.3 percent at current exchange rates).

However Prada Asia-Pacific sales surged 13.8 percent at constant exchange rates, or 6.6 percent at current rates, most of that growth coming from company-owned stores.

Prada, which is listed on the Hong Kong stock exchange, singled out a recovery of inbound tourist flows into the city from the mainland as the primary contributor to Asia’s strong performance.

Greater China sales rose 17.2 percent at constant exchange rates, or by 9.2 percent at current rates, to €344.4 million, while sales in Japan rose by 9.1 percent at constant exchange rates.

Global sales totalled €1.535 billion and net profit €105.7 million, up 10.7 percent on the same period last year.

By category, clothing sales increased by 19.5 percent, with both both Prada and Miu Miu achieving double-digit growth at constant exchange rates. Sales of leather goods rose by 8.4 percent at constant exchange rates.

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