Asia Pacific sales rose 12 despite Chinese demand concerns
Miu Miu sales now contribute one quarter of total retail sales
CEO sees potential to increase prices of some products
MILAN, Oct 30 Reuters Thirdquarter net revenues for Prada rose 17.7 at constant exchange rates, driven by doubledigit retail sales growth in Asia and Europe and the doubling of sales at the smaller Miu Miu brand, the Italian luxury group said on Wednesday.
Sales in the Asia Pacific region, in the spotlight as investors are concerned about the slowdown in Chinese demand for luxury goods, rose 12 in the third quarter despite the more challenging environment.
Chief Executive Andrea Guerra struck a cautious tone on prospects in China despite the robust regional sales.
China is more complicated today and not necessarily improving in the near future, he told analysts in a postresults conference call.
The main brand Prada reported a 1.7 increase in retail sales in the threemonth period, slowing down compared to the previous quarter.
For sure, China has been the main detractor, Guerra said.
The sales growth at Miu Miu exceeded the group39;s expectations, the Prada CEO told analysts, and the brand now contributes one quarter of the group39;s total retail sales.
Miu Miu39;s CEO Benedetta Petruzzo left the label in September to join Christian Dior Couture. A new chief executive for the brand is expected to be appointed in one to three months.
We progressed through the year with another…