Italian luxury fashion brand PRADA plans to double its business in China, an important luxury market, Reuters has reported, citing its chief executive, Gianfranco D’Attis.
This plan comes despite China experiencing a decline in luxury demand and economic headwinds.
Aiming to expand the business in the mid-term future would not necessarily mean an increase in store openings across the country, the chief executive added.
The specific timeframe for the plan has not been disclosed.
Reuters quoted Gianfranco D’Attis as saying: “We have a lot of ambitions here in China, to double our business in the upcoming mid-term future. And with that comes also increasing our investments.
“Not only the number of stores is important to us, but the quality of stores, bigger stores with more categories, with more localised products, with more experiences, with more hospitality, more events, more special capsules.
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“Because we have such a different offer abroad than the local offer that we have, we believe that there is no cannibalisation.
“They will continue to spend locally, they will continue to be treated like kings and queens in China and when they travel, they get a different product… than they can find in China. So it’s very complementary.”
Gianfranco D’Attis revealed the company’s plans during a preview of the brand’s Pradasphere II exhibition in China’s financial hub, Shanghai.
This is the fashion company’s second iteration of a concept that was first revealed in London.
The Prada Group, which owns brands such as Church’s and Luna Rossa, saw a 10% rise in its revenue in the third quarter of the fiscal year 2023, driven by strong performance in Asia and Europe.
In October 2023, the counterfeit crimes unit of e-commerce major Amazon joined forces with luxury brands, including the Prada Group, to combat counterfeiting in China.
