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Prada Expects China Sales to Boom
- 13th Sep 2020
Prada in China
Italian luxury conglomerate Prada's sales in China have shown a good recovery as shops reopened there and as of now the sales have breached the 2019 numbers. This was apparently revealed by Patrizio Bertelli, the Chief Executive of Prada.
The strong demand for luxury goods by Chinese clients has increased further after the Covid pandemic and could be one important factor in the recovery of sales momentum for the luxury industry globally.
Prada expects its overall business across the globe to be hampered by less than 40% but is betting big on the Chinese market to stage a solid receovery in terms of sales there. In fact that has already started happening.
The team at Prada have noted that sales of their luxury products in China has shown a positive trajectory since the end of March growing upto almost 60 per cent in the subsequent months post March 2020. Prada business owners believe that there will be a further spike in the coming days in terms of their sales volume.
The fact that Prada's luxury deals hit an all time high on August 25, 2020 which happened to be the Chinese Valentine's Day, has definitely encouraged the entire team at Prada.
More than 35% of global luxury products were consumed by Chinese buyers in the year 2019. Of course the majority of this luxury shopping was done when the Chinese were travelling and shopping abroad. Therefore all global luxury brands are now focussing on selling in China to bosst their bottom lines and many are being succesful too. A China sales strategy for every luxury brand is literally critical for recovering from the Covid losses.