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Prada revenues rise 29%

Sales soared at Prada Group last year with the Italian luxury fashion house posting a 29% rise in revenues.

Net revenues for the financial year, which ended January 31, grew 29% to €3.30bn (£2.87bn). There was a rise in sales across all geographical regions, with Europe (excluding Italy) posting a 36% rise. Sales in Asia Pacific grew by 33% and the Americas delivered a 23% increase.

The growth was mainly driven by the Prada and Miu Miu brands, which enjoyed sales increases of 33% and 16% respectively.

Retail sales grew 36% to €2.66bn (£2.31bn), as like-for-like sales increased by 14% at a constant exchange rate.

Wholesale revenues also increased, growing by 6%. despite the number of points of sale decreasing following an increase in the number of newly opened retail stores.

Chief executive officer Patrizio Bertelli said: “In a year characterized by a particularly difficult international economic environment, our group has made further important progress along its path of growth, consolidating its position at the head of the luxury goods sector.

“The strength of our brands, our ability to interpret and anticipate market trends and our global retail network continue to form the basis for our long-term growth strategy”.

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