Prada sales are up double digits in Asia and China, even with price hike
Following lockdowns beyond the region fuelled by the coronavirus pandemic, luxury stores in Asia have reopened once more, including in China, Southward Korea, Thailand and Singapore. Sales at Italy's Prada are growing at double-digit rates in Asia, CEO Patrizio Bertelli revealed in an interview with fashion magazine WWD.
"Asia and China are important markets for the Prada Group. Since the health state of affairs in those countries has normalised, we have seen a fast and sustained return to consumer spending. In the entire area, sales are growing at of import – double digit – rates and nosotros are confident that this trend tin can continue besides in the months to come up," Bertelli said.
Meanwhile, Bertelli said that any predictions on the American marketplace is hard to make, citing the uncertain health emergency in the country. "In the American market, the health emergency is still ongoing and information technology's difficult at the moment to make any forecasts. Many of our direct operated stores are yet closed and some section stores were get-go to show their financial difficulties earlier the arrival of COVID-19," he told WWD.
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The COVID-19 pandemic has threatened the global luxury market place. In response, brands such as Chanel, Louis Vuitton, Gucci and Dior have raised their prices to boost revenue. When asked if Prada would do the same, Bertelli said, "The recent logistical and manufacturing complexities accept forced united states of america to enhance our prices to recover the increment of organisational costs too equally those of raw materials. In any case, it is a affair of contained, unmarried-digit price increases."
The privately-owned Prada Group is run past hubby and wife team of Patrizio Bertelli and Miuccia Prada, whose grandfather founded the label in 1913. The couple'south eldest son Lorenzo Bertelli joined the company to lead its marketing and communications in September 2017.
Speaking during an interview with Business of Fashion, Lorenzo did non rule out replacing his parents as head of the company in the time to come. "I similar to challenge myself and solve problems. I simply want to savour what I'm doing. I'1000 at present enjoying what I'1000 doing. So...why non?" he said.
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Source: https://cnalifestyle.channelnewsasia.com/obsessions/prada-sales-up-double-digits-in-asia-and-china-237431
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