2020 in China could be much better than last year. This is Prada‘s confirmation. A particularly reassuring confirmation. If not more. Despite Chinese lockdown at the beginning of the year, in fact, according to the brand, luxury consumption in and around Beijing showed a “vigorous” recovery trend in the following months. To the point that, today, sales have “widely” exceeded 2019 levels. Revenues recorded on Chinese Valentine’s Day (August 25, 2020) broke the daily record sales of the brand.
“China was the first country to come out of lockdown. We witnessed the classic V-shaped recovery, with sales returning to positive territory as early as the end of March after our stores reopened. The trend continued to accelerate in the following months, up to over 60%”, CEO Patrizio Bertelli told Reuters. The entrepreneur reiterates the concept: “To date, the group’s sales in China have already largely exceeded the levels of 2019, showing a double-digit growth since the beginning of the year”.
It won’t stop
The desire of Chinese consumers to buy luxury goods is a trend that, according to Bertelli’s forecasts, could continue in the coming months. Prada’s success in China applies to both sales in physical stores and through the digital channel. Already at the end of July, during the conference call with analysts to comment on the results of the first half of 2020, CFO Alessandra Cozzarini said that in mainland China alone, retail sales had increased by 60% in June, and by 66% in July.
Prada’s boutique in Chengdu, China – Shutterstock (2019). In the box, Patrizio Bertelli (Imagoeconomica)
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