Prada reports ‘best ever year’

Just like Miuccia Prada’s beloved hot rods, Prada sales sped ahead of the pack in 2011.

The Italian fashion house reported that net profits surged 72.2% and revenues raced ahead 24.9% in the year ending 31 January.

Net profit jumped to €431.9 million, compared with €250.8m in the 2010 financial year. Revenues rose to €2.55bn from €2.04bn the previous year.

CEO Patrizio Bertelli described 2011 as the company’s ‘best ever year’ financially, thanks to strong gains in Asia and higher sales of leather goods.

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‘What has been achieved so far with drive and commitment will form the basis for further growth in future,’ he said in a call with analysts, WWD reported. ‘We will aim to consolidate the group’s position as a leading luxury goods business on all international markets and will continue to draw on innovation, quality and respect for tradition.

Bertelli and Administration and Finance Director Donatello Galli said they expect to open around 80 stores in 2012 and 2013, with half of the new stores in Asia and other ‘fast-growing markets’. Bertelli added that he sees Miu Miu eventually doubling in size to achieve sales of €750m per year.

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