Strong sales in Asia and the opening of several new stores have seen Italian fashion house Prada S.p.A post a 74% increase in its half-year profits.
It’s been a stellar year for Prada so far. The company posted a net income of $245 million for the first six months of the year.
The fashion label was also the biggest initial public offering (IPO) on the Hong Kong Stock Exchange this year. It had hoped to raise $2.6 billion for that IPO, but the $2.1 billion it took is still nothing to be sneezed at. Its debut saw it become the first Italian company listed on the Asian stock market, and with results like that I’m sure it won’t be the last. Since listing the company’s stock has jumped 4.6%, which is even more impressive when you consider that the country’s Hang Seng Index dropped 13% during the same time.
Asian fashion lovers couldn’t seem to get enough of Prada. Its sales in the continent’s countries, excluding Japan, rose by 35% compared to the figures from last year.
Prada’s chairman Carlo Mazzi hasn’t been overly effusive about the financial results, but he told Reuters his company was continuing on its path of planned investments and new store openings. When a firm sees no reason to change tact, you know it’s feeling confident about its success.
[Source: The Epoch Times]
[Image Source: 22Kartika/Wikipedia Commons]
