Prada has announced plans to open 50 new stores in China in the next three years.
According to the plan, the company will double the number of its stores worldwide in the next three years by opening 80 new stores each year. With this move, it is expected to have 550 retail stores around the world by the end of 2013. Asian countries, especially China, are reportedly placed in a strategic position in Prada's new expansion plan and half of the new stores will be located in Asia, including 50 in China.
Prada's new stores in China will reportedly include discount stores and its new stores may also enter the second- and third-tier markets in China.
Over the past six months, Prada has launched 29 new stores worldwide and it plans to open 15 additional stores in the following weeks, taking the total number of its stores to 358.
Prada was listed in Hong Kong on June 24, 2011. During the first half of 2011, its retail sales increased by 33.4% and its net income increased by 74.2% to USD256.7 million. In addition, the group's sub-brand Miu Miu achieved sales growth of 24.9% during the same period.
According to Prada, the retail revenue accounted for 74.8% of the total revenue of the group. In the next three years, it plans to invest USD200 million to expand its retail network.