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Prada sales soar

Luxury fashion house Prada Group has reported a 30% increase in sales for the six months to the end of July thanks to strong sales in all markets and new store openings.

Sales were up by 18.7% in Europe, 30% in the US and 47.3% in Asia, including Greater China, Hong Kong, Taiwan and South Korea. The Italian company, which owns its eponymous label as well as Miu Miu, Church’s and Car Shoe, saw pre-tax profits more than double to €225.2(£189.1m) to €108m (£90.7m) for the same period last year. Revenue rose 28.4% to €936.5m (£786.2m).

The company said it had seen gains across retail, supported by new stories openings, and wholesale. Prada has been focusing on its retail network over past year with new stores across its brands in China, Italy, Singapore, France, Australia and the US. New openings in the UK, German, the US, Japan, Hong Kong, Singapore and South Korea slated for the second half of the year.

Prada is also reported to be mulling an initial public offer for the first quarter of 2012, a move it has considered in the past. Its recent appointment of Davide Mereghetti, a senior manager at UniCredit, to its board is being taken as a sign of its renewed interest in a flotation. Chief executive Patrizio Bertelli and designer Miuccia Prada, great-grand daughter of the company’s founder, currently control 95% of the company.

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