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Prada's H1 Operating Profit up 17%, Asia, Europe Boost Sales

A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
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Prada's H1 Operating Profit up 17%, Asia, Europe Boost Sales

A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang
A man wearing a face mask following the coronavirus disease (COVID-19) outbreak walks past a store of Italian luxury brand Prada on a shopping street in Beijing, China, January 20, 2021. REUTERS/Tingshu Wang

Prada posted a 17.1% increase in adjusted operating profit on Tuesday as the Italian luxury group saw double-digit sales growth in Asia and Europe.

Prada's operating profit rose to 575 million euros ($623 million)for the first six months of the year, beating the 552 million seen in an analyst consensus provided by Visible Alpha, Reuters reported.

Net revenue rose by 17% at constant exchange rates to 2.55 billion euros.

Retail sales of the Prada brand rose by 6% while those at smaller brand Miu Miu almost doubled, the group said.

"While we are vigilant, we remain committed to our strategy and to our ambition to deliver solid, sustainable and above-market growth," CEO Andrea Guerra said in a statement.

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Fashion

Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
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Shein to Open Pop-up Store in South Africa to Woo More Shoppers

A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)
A view of a Shein pop-up store at a mall in Singapore April 4, 2024. (Reuters)

Fast-fashion giant Shein, known for its $5 tops and $10 dresses, will open a pop-up store in Johannesburg, South Africa in August as the online retailer aims to expand its brand recognition in the country.

Shein, founded in China, and its rival Temu have aggressively expanded worldwide as online shopping has surged after the COVID pandemic. They have been accused of exploiting tax loopholes by exporting China-made products in small quantities to avoid higher duties.

Shein will open its pop-up store from Aug. 2-11 as an "exhibition space" for customers to try on trendy fashion and lifestyle products and order them online at a discount, the company said in its South African Instagram post on Tuesday.

Local influencers were tapped for a pre-opening marketing campaign.

Brick-and-mortar and online fashion retailers have urged South African regulators to impose a 45% import duty on all clothing item imports, no matter the price, to level the playing field. Shein, which is planning to go public in Britain, taps a network of largely China-based suppliers which take small initial orders and scale up based on demand.

A Shein spokesperson told Reuters the retailer is engaging with South African regulators to ensure its continued compliance with local laws.

"That said, such tax measures are not critical to the success of our business or the competitive prices we offer our consumers. We keep our prices affordable through our technology-based on-demand business model and flexible supply chain," the spokesperson added.