Asia-Pacific sales put Prada in fine shape

Italian luxury fashion house Prada, which posted strong first-half earnings growth of nearly 60 per cent, is confident in the market in the near term despite the sluggish global economy.

Prada said in a filing yesterday its net income for the six months to July jumped 59.5 per cent from a year earlier to €286.4 million (HK$2.86 billion). Net revenue was €1.55 billion, up 36 per cent.

The robust sales growth was largely driven by surging demand from Asia-Pacific consumers, who spent €532 million on the company's leather goods and accessories, an increase of 35 per cent from a year earlier.

Its markets in Europe, the United States and Japan recorded 23 per cent, 15 per cent and 9.5 per cent sales growth, respectively, for the period.

The Milan-based company reported same-store sales jumped 19 per cent in the period.

The luxury goods retailer, which also operates Miu Miu, Church's and Car Shoe, has outperformed other top-brand operators that have announced slower growth amid the weak global economic environment.