prada to open 260 stores in turkey, china and brazil
“We are expanding in Morocco, Istanbul, Beirut, Dubai and Qatar,” Prada Chief Executive Patrizio Bertelli said. “Brazil is also a big market we’re looking at.” Italian fashion house plans to open 260 new stores in the next three years.
Demand for Prada leather goods and other items is rising even as China’s economic growth slows and Europe’s debt crisis weighs on consumer spending, Bertelli said in an interview with Bloomberg Television.
The Milan based company, which brands include Miu Miu and Church’s, as well as its eponymous Prada brand, is planning over 250 new outlets in blooming markets such as Turkey, China and Brazil, according to Bloomberg.
Sales of discretionary goods in China will grow by a compounded annual rate of 13.4 percent between 2010 and 2020, as shoppers in the world’s second-largest economy become richer, McKinsey & Co. said in a report in March.
Such growth attracts Prada, as well as Paul Smith Ltd. and Michael Kors Holdings Ltd., to set up shops in the most populous nation, the consultancy firm concluded in this report.
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