Italian luxury fashion house Prada saw its net profits jump 75% to €179.5m (£156.5m) in the first half of the year as it rolled out a network of stores across the Asia Pacific region.
The hike in profits was above the company’s expectations and was driven by a particularly strong performance in the Asia-Pacific market.
Revenues at Prada Group, which includes the brands Prada, Miu Miu and Church’s, were up 24% to €1.13bn (£985m) at constant exchange rates in the six months to July. Earnings before interest, tax, depreciation and amortisation were up 40% to €315m (£275m). The group said sales grew strongly in its leather goods business and said sales of its ready to wear clothing were stable.
The company’s net debt also largely decreased, with net debt at €135.2m (£117.9m) on July 31 compared to €408m (£356m) six months earlier. Prada listed on the Hong Kong stock exchange in June, which helped to cut some debt.
During the six months Prada focussed particularly on growing its store portfolio. The group said it opened 29 new stores during the period, bringing its number of directly owned stores to 358. Prada plans to operate 550 stores by the end of 2013 with more than half of these in the Asia Pacific region.