Prada is making a statement in the rapidly expanding Asia-Pacific market with plans to stage a fashion show in Beijing on Jan. 22.
The region has become increasingly relevant for the Italian luxury goods firm, showing a 51 percent surge in revenues in the first nine months of this year.
Designer Miuccia Prada will revisit her spring collection for the Beijing runway show and incorporate a series of new items created especially for the event. Patrizio Bertelli, chief executive officer of the company and Miuccia Prada’s husband, is also expected to attend.
Given the performance of Prada in the Asia-Pacific region, speculation has been mounting that the brand might be mulling a listing on the Hong Kong Stock Exchange. Carlo Mazzi, Prada’s vice president, said last month that “when you have to raise funds, you look around and you go and raise them where the offer is more attractive. Money has no country. Where there is a larger availability of money, that’s where we will go and collect money, but we will use it in Italy.”
Mazzi, however, said no decision has been made on the location of an offering. After canceling plans for an IPO several times over the past few years, Prada is exploring a listing in order to capitalize on its surging profits and sales. Prada has said the IPO will likely take place in the second half of next year, depending on market conditions.
“China is the country that is developing at the quickest pace compared to the rest of the world,” a company spokesman said, adding that “major events” are planned in the Asia-Pacific area in 2011. The company intends to open 17 stores in China next year and another 11 in 2012.
In the nine months ended Oct. 31, Prada reported net profits spiked 205.8 percent to 156 million euros, or $206 million, compared with 51 million euros, or $69.3 million, in the same period last year.
Dollar figures are converted at average exchange rates for the periods to which they refer.
In the year-to-date period, the group’s global sales grew 31 percent to 1.38 billion euros, or $1.82 billion. Retail sales gained 44 percent, or 23 percent on a like-for-like basis, while wholesale sales rose 9 percent.
Prada follows other Italian fashion brands that have been staging high-profile events and shows in China and other parts of Asia.
In October, Tod’s introduced the iconic Italian opera house La Scala to China as part of its partnership with Milan’s prestigious theater. Diego Della Valle, the company’s chairman and ceo, threw an exclusive cocktail and dinner party in Beijing, followed by a special pas de deux performed by prima ballerina Sabrina Brazzo and lead dancer Marco Messina.
In July, Ermenegildo Zegna marked its centennial celebration with a fashion show and a party in Shanghai, and in June, Salvatore Ferragamo held a show in Hong Kong at the Bank of China Tower.
Three years ago, Karl Lagerfeld and Fendi staged a sunset show on the Great Wall of China just outside Beijing, followed in November 2008 by Donatella Versace, who held a fashion show, followed by an auction and a dinner in Beijing, to raise funds for the Versace/One Foundation.
@chanel and @pharrell dropped what’s being dubbed as the world’s most exclusive sneakers yesterday. The Adidas Originals NMD Hu, which Williams designed in collaboration with Chanel and @adidasoriginals, has a waiting list of over 120K people who pre-registered online at chanelatcolette.fr –– and only 500 pairs are on sale. The singer predicted the resale value of the shoes could reach $40K. Read the full interview on WWD.com. Link in bio. #wwdfashion
@imanshumpert is diving deeper into his creative endeavors and relaunching his clothing line, Post 90s, and is helping to raise money for the hurricane victims in St. Maarten with a jersey he’s designed with his brother. The Cleveland Cavaliers player talked to WWD about kneeling during the national anthem, working with fashion brands and how he wants to be more than an @nba player. Read the interview on WWD.com #wwdfashion (📷: George Chinese)
Not only does #TheProfit return to CNBC tonight, but @marcuslemonis has launched @shopmarcus, a new shopping and lifestyle retail experience in Aspen and Chicago, with more locations to come. The retail stores offer in-store stylists and a variety of contemporary womenswear selections.
“It’s life, I’m going to face it,” @mingxi11 sighed. “I fell, but you know, I think the most important thing is that I get back up. I had the love, the help from my sister — the girl next to me Gizele [Oliveira] — she’s so nice. When I went backstage everybody was trying to comfort me like ‘Oh Ming, it’s OK.’ I’m really, really touched. I think it’s them who gave me the courage to go back on stage for the finale,” Xi told WWD of her fall at the @victoriassecret fashion show. (📷: David Fisher) #wwdfashion #vsfashionshow #victoriassecret
@louisvuitton tapped @therealpeterlindbergh for its latest city-centric photo book, which is part of a series called Fashion Eye. The primarily black and white book captures the spirit of Berlin in 57 images shot between 1989 and 2019. “Berlin is an inspiration for me, more than a city. I mean @millajovovich is simply Berlin!” said Lindbergh. #wwdfashion
“You know, I think audiences expect a certain performance so I have to deliver to them what they’re expecting to a certain degree. But I’m also a different actor and a different person, I have my own spin on the character,” says @noahegalvin of his takeover of the leading role in “Dear Evan Hansen” following the departure of @bensplatt, who originated the role. Read WWD’s interview with the 23-year-old actor on WWD.com #wwdeye (📷: @jilliansollazzo)
For pre-fall 2018, @etro created richly-colored wonderland, using tapestries, textiles and wallpapers from the Eastern world at large. The line featured floral and graphic prints and jacquard motifs, like this two-piece look featured here. #wwdfashion (📷: Giovanna Pavesi)
@kith is moving into children’s. The men’s and women’s streetwear brand has launched Kidset, a Kith kids line located in New York at 64 Bleecker Street. The line includes mini versions of staple Kith pieces like the Astor bomber jacket and the Kith box logo sweatshirts, along with a wall that can display up to 120 pairs of shoes from @adidas, @newbalance, @timberland and more. #wwdfashion
“I just wanted to create this fully rounded character, but I do think what excited me most was just the opportunity to give a group of people representation that I feel needs it. I like to do characters in projects that stand for something and Karolina definitely does, so that was really exciting to me,” @ginnygardner says of her new role in @hulu’s “The Runaways.” Gardner plays Karolina Dean, a queer superhero, which is a rarity for @marvel. Read more about Gardner’s character on WWD.com #wwdeye (📷: @dandoperalski)