عربي English Türkçe اردو فارسى
Logo
Latest News
Fashion

Prada CEO Says it Aims to Double Business in China in Medium Term

A mannequin is pictured in a giant ornament in a Christmas display window at the Prada store on on 5th Avenue in Manhattan in New York City, US, December 5, 2023. REUTERS/Mike Segar
A mannequin is pictured in a giant ornament in a Christmas display window at the Prada store on on 5th Avenue in Manhattan in New York City, US, December 5, 2023. REUTERS/Mike Segar
TT
TT

Prada CEO Says it Aims to Double Business in China in Medium Term

A mannequin is pictured in a giant ornament in a Christmas display window at the Prada store on on 5th Avenue in Manhattan in New York City, US, December 5, 2023. REUTERS/Mike Segar
A mannequin is pictured in a giant ornament in a Christmas display window at the Prada store on on 5th Avenue in Manhattan in New York City, US, December 5, 2023. REUTERS/Mike Segar

Prada has ambitions to double its business in China over the medium term, Gianfranco D'Attis, chief executive of the Italian luxury fashion house's flagship brand, said on Wednesday.
"That means increasing our investments," D'Attis said in a group interview in Shanghai.
Prada will have bigger stores, more local products and more events in China, he added.
D'Attis, a former Dior executive who took the helm of the Prada brand in January, also said that it hoped to develop a hospitality concept as part of its worldwide distribution strategy, including in China, possibly in 2024-2025, Reuters reported.
The group, whose brands also include classic English shoemaker Church's, reported a 10% rise in third quarter revenues in November, saying that a strong performance in Asia and Europe helped to compensate for weakness in the Americas.

Most Viewed

 
 
Fashion

Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
TT
TT

Hermes 2Q Sales Rise 13% on Continued Appetite for High-End Luxury

People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)
People stand with Hermes shopping bags as they wait at a traffic light in Tsim Sha Tsui, a bustling shopping hotspot, in Hong Kong, China December 5, 2023. (Reuters)

Birkin-bag maker Hermes reported a 13% rise in second-quarter sales on Thursday, demonstrating the continued appetite from wealthy shoppers for its luxury handbags, even as less affluent consumers pull back.

Sales at the French luxury group grew to 3.7 billion euros ($4.02 billion), a 13% organic sales rise that strips out currency fluctuations. The figure was in line with analyst expectations, according to a Visible Alpha consensus.

Operating profit for the first half was 3.1 billion euros, compared to a forecast from consensus provider Visible Alpha for 3.2 billion.

One of the most steady performers in the luxury goods sector -- even as economic conditions worsen -- the French group's results stand out after a string of disappointing earnings updates from peers which have raised investor concern about uncertain prospects for the sector in the coming months.

Hermes' famously classic designs and tight management of production and stock have helped reinforce the label's aura of exclusivity, and CEO Axel Dumas told reporters the company had seen "no big interruption in trends".

However, he said Hermes was seeing slightly less traffic with aspirational clients, which was impacting higher volume products like fashion accessories.