BUSINESS

Prada first half profit rises 60 per cent on strong sales in Asia, Europe

09/24/2012 08:59 EDT | Updated 11/24/2012 05:12 EST
MILAN - Luxury design house Prada SpA says its earnings rose 60 per cent in the first six months of the year thanks to higher sales in Asia and to tourists in Europe.

Prada reported Monday first-half net income of €286 million ($370 million), up from €179 million in 2011. Revenues rose 28 per cent to €1.5 billion from €1.1 billion last year.

Asia revenues were up 44 per cent. Europe recorded a 31 per cent increase, despite the financial crisis, due to rising tourist numbers.

Leather goods, which represent nearly two-thirds of sales, grew by 52 per cent. Clothing and footwear contributed €564 million to sales, which Prada said "reflects client appreciation of the group's stylistic excellence."

Prada's summer 2013 collection centring on a deconstructed kimono was enthusiastically received during Milan Fashion Week.