MILAN — Prada Group is heading for summer vacation in good shape.
This story first appeared in the August 5, 2010 issue of WWD. Subscribe Today.
Propelled by a 41 percent increase in retail sales, the group said consolidated revenues rose 29 percent in the first half ended July 31 to over 930 million euros, or $1.2 billion.
Dollar amounts have been converted at average exchange for the period to which they refer.
Revenues were the only figure reported in a short company statement, which, according to a spokesman, is a preliminary memo of a more detailed breakdown due in September, after the board’s approval. The group’s fiscal year ends Jan. 31.
Sales in the Far East rose 70 percent, further evidence the region remains the group’s most dynamic market, followed by the U.S. and Europe, which advanced 41 percent and 37 percent, respectively.
Last month, Prada SpA negotiated a three-year loan agreement of 360 million euros, or $474 million at current exchange, which will partially go toward funding the company’s retail growth. There are 30 new stores planned for this year, with a focus on Asia-Pacific.
The group, which controls the Prada, Miu Miu, Car Shoe and Church’s brands, is once again mulling an initial public offering, this time for the first quarter of 2012.