MILAN (Reuters) – Luxury goods group Prada’s <1913.HK> sales in China have recovered strongly since shops reopened there and to date are well above last year’s levels, Chief Executive Patrizio Bertelli told Reuters on Friday.
Bertelli said the appetite for luxury goods of Chinese consumers, the industry’s biggest clientele, remained very strong despite the fallout from the coronavirus pandemic, which has tipped the global economy into recession and frozen international travel.
The pandemic has dealt a big blow to the luxury industry, with overall sales expected to decline by up to 35% in 2020.
“To date, the Prada Group’s sales in China have already largely exceeded the levels of 2019, showing double-digit growth since the beginning of the year,” Bertelli said in an emailed statement.
He said the sales recovery in China had accelerated since the end of March, with growth of up to more than 60% in following months.
“We believe that the same trend can be maintained in the coming months,” Bertelli said.
He added that Prada’s sales for China Valentine’s Day, which this year fell on August 25, recorded an all-time record.
(Reporting by Silvia Aloisi, editing by Claudia Cristoferi)
