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Italian Luxury Brand Expands China Presence

According to Patrizio Bertelli, president of Prada Group, the Italian luxury brand plans to open nearly 80 new specialty stores in 2013, including one flagship store in Milan and 12 stores in China.

Prada Group just held its general meeting of shareholders in Milan. Since its listing in Hong Kong in 2011, the group holds its general meetings in Hong Kong and Milan, in turn. The group said during 2012, they gained the best results ever. Their net profit increased by 44.9% to EUR625.7 million and turnover increased by 29% to EUR3.297 billion.

Bertelli said the growth was attributed to Prada's commitment to market research and analysis. Meanwhile, the group benefited from Miuccia Prada's efforts on launching new products.

Prada Group entered the Chinese market in 1985 and it currently has 20 outlets in the country. Bertelli said the number of their stores was only half of that of their competitors, which means the group still has large development potential in this marketplace.

Bertelli added that the group has no intention to get listed in Milan. It is enough to be listed in Hong Kong and it will complicate management if listing in two markets.

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