Luxury fashion house Prada has reported a surge in full-year profits ahead of an expected stock market listing in Hong Kong.
According to the approved results European sales grew by 20% and US sales grew by 21%. Sales in Asia rose 49% to €645.7m (£569.6m).
Total EBITDA in the year to Janauary 31, 2011 rose to €535.9m (£472.8m), representing 26.2% of net revenues and an increase of 84.7% compared with €290.2m (£256m) for the year to January 31, 2010.
The Asian market, where it has 104 directly operated stores, continues to be the most important for the group. At the end of January Prada said that it was planning to launch an IPO on the Hong Kong stock exchange. Although it has not specified a time frame or the size of the stake to be sold, it is understood the company is still pursuing the IPO.
While some analysts have suggested the earthquake in Japan could derail any potential listings in Hong Kong, a source close to the company told The Financial Times that there was no reason for it to be delayed. The company is set to list a 30% stake. In Japan, which accounts for 11% of Prada’s buinsess, sales jumped 16.6%.