Italian luxury design house Prada said Thursday that its profits soared 72.2 percent in its past sales year ending in January, it’s best profits ever.
Net profit rose to 431.9 million euros ($575.29) compared to a net profit of 250.8 million euros for the previous year.
Consolidated net revenues grew 24.9 percent to 2.56 billion euros, and retail net sales jumped 37.6 percent to 1.95 billion euros.
Prada said its growth strategy paid off, which included the opening of 75 new stores across 17 countries. Russia and the United Arab Emirates received their first-ever Prada stores.
Since China is the world’s fastest-growing market for luxury goods, it is forecasted to be the world’s top buyer for products like cosmetics, handbags, watches shoes and clothes by 2015, according to PricewaterhouseCoopers.
Prada said in its earnings statement that for the third consecutive year, the Asia Pacific market was confirmed as leader in absolute terms and for growth.