Few countries can claim to have extended their retail presence as significantly as Italy, with the upsurge in luxury demand in the east continuing to drive growth. Mark Faithfull reports on an important year for the market.
Iconic Italian luxury retailers Prada launched on the Hong Kong stock market in June, setting out both its clear strategy to target the east and a growth plan other Italian luxury retailers will be watching with interest. Prada’s offering raised €2.1bn, valuing the company at over €10bn and making it one of the world’s most valuable luxury good groups.
Prada opted for the Hong Kong stock exchange in recognition of the importance of Asian consumers who are propelling growth in luxury goods. Italian luxury goods association Altagamma predicts sales to Asia, excluding Japan, will rise 20% this year.