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Prada profits soar 66%

Italian luxury group Prada, which owns Prada, Miu Miu and Church's luxury goods brands, posted a 66% surge in net profit last year, thanks to bumper sales in Asia.

For the 12 months to January 31, net profits at Prada rose to €126.8 million (£100.5m) and sales increased 14.1% to €1.66 billion (£1.3bn).

Prada chief executive Patrizio Bertelli said the company's "best ever" results would allow it to pursue its development plan, including "important investments", but the company gave no further details on whether it would proceed with a listing on the Milan Stock Exchange later this year.

Bertelli added: "We will continue to monitor the financial markets very carefully and we will assess the best time for an initial public offering."

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