Prada turning its eyes eastward to drive growth

Fashion house Prada has shrugged off concerns about a slowdown in sales of luxury goods to western consumers as business in developing economies soars.

While markets such as the US and Europe face a slowdown amid economic stagnation and austerity cuts, the Asia-Pacific region has been growing robustly.

The Italian group, whose brands also include Miu Miu and Church’s Shoes, posted a net profit of €273 million (£234m) for the three months to the end of October, a 75 per cent increase from a year earlier. Sales during the period grew by 25 per cent to just over €1.7 billion.