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Prada's 2010 sales soar

Luxury fashion house Prada Group has reported a 31% rise in sales for the in the year to January 31 due to strong sales across all territories.

The Italian company, which owns its eponymous label as well as Miu Miu and Church’s, saw sales exceed €2bn (£1.7bn), a rise of 31% on the previous year.

European sales grew by 18% and US sales grew by 29%. Sales in Asia rose 48% and Prada said 2010 revenues in China, Hong Kong and Macau rose 75%from 2009, to €389m (£328m), representing almost 20% of the group’s total turnover.

Like-for-like retail sales rose by 22%, but including new store openings sales grew 44%.

Patrizio Bertelli, chief executive officer, said: “These results confirm that the retail network expansion is a winning strategy and exceeding the threshold of €2bn [in]revenues is a target which now allows us to set further challenging goals.”

Last month Prada confirmed it would float on the Hong Kong stock exchange but did not commit to a timeframe.

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