Prada Defies Financial Crisis, Sales up Thanks to Asia

Italy's fashion brand Prada saw sales increase 25 percent over the first nine months of the year, with Asia reconfirming itself as the main market for luxury goods, the group said Tuesday.

Prada Spa, which floated on the Hong Kong stock exchange in June, announced net profit soared 75 percent to 273.2 million Euros ($364.3 million) compared to the same period in 2010.

Sales rose 25 percent to 1.73 billion, the company said in a statement.

The Italian group, which includes the Prada, Miu Miu, Church's and Car Shoe brands, is enjoying a boom despite the global financial crisis thanks to the huge Asian market, the world's fastest-growing market for luxury goods.

"All geographical areas recorded growth rates in double figures, with Asia Pacific reconfirming itself as the principle market," it said.

"Once again during this quarter we achieved very strong results in terms of sales and profitability," said Patrizio Bertelli, Prada's chief executive and designer Miuccia Prada's husband.

"Whilst we will continue to closely monitor markets' behavior, we remain confident in the strength of our brands as well as in the luxury market's potential," he said.

The group opened 29 new boutiques in the first six months of the year and is planning to have 550 by the end of 2013 -- with around half of them in Asia.