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Prada posts sales growth for first half

Prada Group’s sales climbed to nearly £1.5bn in the first half as Asian markets delivered strong growth.

In the six months to July 31, the luxury fashion house delivered an 11.6% rise in revenues to €1.73bn (£1.49bn), or 14.8% growth at constant exchange rates.

Retail sales grew by 15.6% to €1.42bn (£1.22bn) thanks to newly opened stores and like-for-like growth of 7%.

However Prada’s wholesale arm saw a 3.5% drop in sales as the group adopted a “selective strategy” of reducing the number of wholesale stockists by more than 100.

The Asian Pacific market grew by 17.7%, with Greater China making a “significant contribution”. The Americas delivered 13.5% growth fuelled by “excellent” results in its retail channel. Tourists helped boost European sales by 5.7%, with the retail arm recording double digit growth.

The Prada brand’s sales rose 14.3%, while Miu Miu and Church’s rose 3.7% and 5.1% respectively.

Chief executive Patrizio Bertelli said the group would continue to open more stores.

He added: “In an increasingly more extensive and global market for luxury goods and in an extremely volatile international economic environment, the Prada Group continues to achieve strong growth, proceeding with conviction and determination along its chosen path of development.”

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