Prada says China sales to date largely exceed 2019 levels

© Reuters. FILE PHOTO: People walk past a Prada luxury fashion boutique near Wangfujing Street

MILAN (Reuters) – Luxury goods group Prada’s (HK:) sales in China have recovered strongly since shops reopened there and to date are well above last year’s levels, Chief Executive Patrizio Bertelli told Reuters on Friday.

Bertelli said the appetite for luxury goods of Chinese consumers, the industry’s biggest clientele, remained very strong despite the fallout from the coronavirus pandemic, which has tipped the global economy into recession and frozen international travel.

The pandemic has dealt a big blow to the luxury industry, with overall sales expected to decline by up to 35% in 2020.

“To date, the Prada Group’s sales in China have already largely exceeded the levels of 2019, showing double-digit growth since the beginning of the year,” Bertelli said in an emailed statement.

He said the sales recovery in China had accelerated since the end of March, with growth of up to more than 60% in following months.

“We believe that the same trend can be maintained in the coming months,” Bertelli said.

He added that Prada’s sales for China Valentine’s Day, which this year fell on August 25, recorded an all-time record.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

READ  Debenhams appoints advisers to draw up plans for possible liquidation - Sky News

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Please enter your comment!
Please enter your name here