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Prada plans more outlets to tap emerging markets

25
May '12
Prada SpA, the Italian fashion label specializing in luxury apparels and leather accessories for men and women, will be opening 260 new stores by 2014-end to cater to the growing demand for its goods in emerging markets, including, China, Brazil and the countries in the Middle East.

Last year, Prada opened 75 outlets, and the company plans to unveil 100 new stores during the current year and 80 stores each in 2013 and 2014.

Out of the 100 new Prada stores to come up this year, around 12-15 outlets will be in China.

As of January this year, Prada directly operated 388 stores and another 26 outlets on franchisee-basis. With the addition of 260 outlets by the end of 2014, the total number of Prada stores would rise to 674.

The Italian company, which owns the Miu Miu and Church's brands, is planning to open new stores in cities like Istanbul, Dubai, Qatar, Morocco and Beirut.

The Milan-based company is also planning to make its debut in India by launching a store in Mumbai or New Delhi.

The growing number of Chinese tourists visiting Europe is fueling the demand for Prada's leather goods and other items, despite the ongoing financial crisis in Europe, which weighs on consumer spending.

The Asia Pacific region contributed 35 percent to Prada's sales in 2011 and the company expects the region to account for 40 percent of its total sales in 2012 and 2013.

Fibre2fashion News Desk - India


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