Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Prada first half profit rises 60 per cent on strong sales in Asia, Europe

CP20222364
A model wears a creation part of the Prada Women\'s Spring-Summer 2013 fashion collection, during the fashion week in Milan, Italy, Thursday, Sept. 20, 2012. (AP Photo/Antonio Calanni)

MILAN – Luxury design house Prada SpA says its earnings rose 60 per cent in the first six months of the year thanks to higher sales in Asia and to tourists in Europe.

Prada reported Monday first-half net income of €286 million ($370 million), up from €179 million in 2011. Revenues rose 28 per cent to €1.5 billion from €1.1 billion last year.

Asia revenues were up 44 per cent. Europe recorded a 31 per cent increase, despite the financial crisis, due to rising tourist numbers.

Leather goods, which represent nearly two-thirds of sales, grew by 52 per cent. Clothing and footwear contributed €564 million to sales, which Prada said “reflects client appreciation of the group’s stylistic excellence.”

Prada’s summer 2013 collection centring on a deconstructed kimono was enthusiastically received during Milan Fashion Week.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles