MILAN — Prada SpA plans to open 80 stores a year over the next three years as investments in its own retail network drive the company’s growth.
Spurred by a 33.4 percent increase in its retail channel in the six months ended July 31, the Italian fashion house posted a 74.2 percent jump in net profits to 179.5 million euros, or $256.7 million, compared with 103 million euros, or $131.8 million, in the same period last year. Retail sales accounted for 74.8 percent of revenues, which rose 21.1 percent to 1.13 billion euros, or $1.62 billion in the period. Prada said the company invested 134.7 million euros, or $192.6 million, mainly aimed at the expansion of its retail network.
Hermès is launching a Laundromat pop-up shop in NYC - dubbed Hermèsmatic - where customers can bring their old scarves to be dip-dyed by an expert. Get all the details on WWD.com. #wwdnews (📷: @donstahl)