Sep 17, 2010
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Prada profits nearly quadruple

Sep 17, 2010

MILAN, Sept 17, 2010 AFP © - Italian fashion company Prada said Friday its net profit in the first half of 2010 nearly quadrupled thanks to strong demand for luxury goods in Asia and sales at Prada-run stores.

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Profits in the first six months grew by 274.1 percent to 103 million euros (134 million dollars) compared with a year earlier, when it posted 28 million euros in profits, the company said in a statement.

"The Prada Group's strategy, aimed at a growth in all markets, will be further strengthened in the following years through the development of our directly operated stores network," said Prada boss Patrizio Bertelli.

Bertelli is also the husband of Miuccia Prada, the company's chief designer.

Sales grew by 29.4 percent to 936.5 million euros, with a particularly strong performance in Asia, where they grew by 47.3 percent.

In the United States sales grew by 29.9 percent and in Europe they grew by 18.7 percent.

Stores owned and run by Prada saw sales grow by 41 percent over the six-month period.

The Prada family and Bertelli control 95 percent of the high-end fashion group, which also owns the Miu Miu and Church's brands.

Italian bank Intesa Sanpaolo owns the remaining five percent.

The company, founded as a leather-goods shop in 1913, has put off the decision to launch an initial public offering several times in the past decade, most recently because of poor market conditions.

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