Prada’s Profits Up by 75 Percent

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Pedestrians walk past a Prada shop in Hong Kong on June 12, 2011. Italian luxury fashion house Prada is set to raise as much as 2.6 billion USD after setting the price range for its highly anticipated offering in Hong Kong on June 24, a report said on June 6. The Milan-based company plans to sell 423.28 million shares at an indicative price range of HK$36.50-HK$48.0 (4.70-6.20 USD) each, Dow Jones Newswires reported, quoting an unnamed source familiar with the deal. AFP PHOTO / Antony DICKSON (Photo credit should read ANTONY DICKSON/AFP/Getty Images) Photo: ANTONY DICKSON/2011 AFP/2011 AFP

Prada recorded a net profit of over $364 million in the third quarter of this financial year — a 75 percent increase from 2010's third-quarter numbers. The label's gross sales figures also rose by 25 percent, to over $2.3 billion. Though sales in all regions rose by double digits, increased revenue from Asian markets proved a particular boost to the fashion house. In a statement accompanying the financial data, Prada's chief executive labeled Asia Pacific as the company's "principle market."