Patrizio Bertelli, CEO, Prada, told Reuters that demand from Chinese customers for luxury goods remained very strong despite the fallout from the coronavirus pandemic. According to Reuters, the luxury industry’s overall sales are expected to decline by up to 35% in 2020, and many are counting on a strong rebound in mainland China to limit the damage. “To date, the Prada Group’s sales in China have already largely exceeded the levels of 2019, showing double-digit growth since the beginning of the year”, said Bertelli, adding that recovery in China had accelerated since the end of March, with sales growth of up to more than 60% in following months.

In the six months to June, the Asia Pacific region is said to have accounted for 44% of Prada’s sales. According to consulting firm Bain, Chinese shoppers accounted for 37% of global luxury goods purchases in 2019, with most of the shopping done when travelling abroad.

Source: Reuters