The luxury brand Prada plans to launch an online store in Russia this year. In the published presentation of the Prada Group's 2016 financial results, the Russian market is assessed positively, with better-than-expected sales results.
In addition, local brand online stores should earn money in China, South Korea, Australia, New Zealand by the end of the year.
Meanwhile, according to the published financial statements of the Prada Group for the 2016 year, the Italian fashion house is experiencing difficulties. Thus, the company's net profit in 2016 decreased by 16% to € 278,3 million. Revenue fell by 10% to € 3,2 billion due to lower demand in all key markets for the company.
Profits have been record low since the Hong Kong IPO in 2011. This is due to low sales in the main markets of the company.
However, Prada notes predict a "steady growth" in the future.
Weak sales were shown by the markets of Japan and European countries, sales growth was noted in the UK, Russia. Sales recovery occurred in Hong Kong and Macau.
Prada operates in 70 countries of the world; its largest store is located in Dubai. Prada Group's portfolio of brands includes Prada, Miu Miu (youth line), Car Shoe (clothing and shoes) and Church's (English shoe manufacturer).