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Prada CEO says it aims to double business in China in medium term By Reuters

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© Reuters. A logo of luxury goods company Prada is seen at the entrance of a shop in Brussels, Belgium July 2, 2021. REUTERS/Yves Herman/File Photo

By Casey Hall

SHANGHAI (Reuters) – Prada has ambitions to double its business in China over the medium term, Gianfranco D’Attis, chief executive of the Italian luxury fashion house’s flagship brand, said on Wednesday.

“That means increasing our investments,” D’Attis said in a group interview in Shanghai.

Prada will have bigger stores, more local products and more events in China, he added.

D’Attis, a former Dior executive who took the helm of the Prada brand in January, also said that it hoped to develop a hospitality concept as part of its worldwide distribution strategy, including in China, possibly in 2024-2025.

The group, whose brands also include classic English shoemaker Church’s, reported a 10% rise in third quarter revenues in November, saying that a strong performance in Asia and Europe helped to compensate for weakness in the Americas.

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