KONTAN.CO.ID - MILAN - Italian luxury group Prada posted on Tuesday higher revenues and operating profit for the first half, beating analyst expectations and defying the downturn in luxury spending that is hurting many rivals. Another outstanding performance from the Miu Miu brand and double-digit sales growth in Asia and Europe helped to power an increase of 17% in net revenue at constant exchange rates, to 2.55 billion euros ($2.75 billion). Retail sales at the Miu Miu label, whose creative director is Miuccia Prada, almost doubled in the first six months of the year and now account for nearly a quarter of the group's retail sales. Retail sales of the larger Prada brand rose by 6%.
Prada Beats Luxury Blues With Higher Revenues and Profit
KONTAN.CO.ID - MILAN - Italian luxury group Prada posted on Tuesday higher revenues and operating profit for the first half, beating analyst expectations and defying the downturn in luxury spending that is hurting many rivals. Another outstanding performance from the Miu Miu brand and double-digit sales growth in Asia and Europe helped to power an increase of 17% in net revenue at constant exchange rates, to 2.55 billion euros ($2.75 billion). Retail sales at the Miu Miu label, whose creative director is Miuccia Prada, almost doubled in the first six months of the year and now account for nearly a quarter of the group's retail sales. Retail sales of the larger Prada brand rose by 6%.