Prada looks to China for growing markets

Written by admin on 30/07/2019 Categories: 佛山桑拿论坛

Italian fashion house Prada is looking to China as the main force behind the growing demand for luxury fashion products.

南宁桑拿

China has introduced tough laws to fight corruption, including restrictions on lavish entertainment and the giving of expensive gifts.

Some luxury product groups, which had experienced booming sales to a new middle class in China, have reported signs of a slowdown of their activities there, blaming in part the new laws and in part a slowing of the Chinese economy.

The makers of luxury watches in particular have seen their sales slow down.

But in remarks to the French business newspaper Les Echos on Thursday, Prada chief executive Patrizio Bertelli said that China will be the key market for the company and that forecasts of sharp slowdown of the Chinese luxury market are mistaken.

“I do not really believe that the Chinese market has yet reached maturity,” he said.

On Thursday, Prada reported almost flat net profit for 2013 of 627.8 million euros ($A940.88 million on Thursday.

That figure showed an increase of 0.3 per cent from the outcome the previous year, and Prada said that the results had been held down by the strength of the euro and an increased tax charge.

The company, which also reported a sales leap in the Middle East, has set a target of raising sales by 9.0 per cent this year and intends to open 120 shops around the world in the next three years.

Prada reported that its overall sales last year rose by 8.8 per cent from the 2012 level to 3.58 billion euros.

Sales in Europe rose by 4.4 per cent despite a gloomy economic climate but in the Middle East sales nearly doubled to 91.1 million euros.

Sales in the Americas rose by 10.9 per cent.

The company, founded in Milan in 1913, obtained a listing on the Hong Kong stock market three years ago

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