Italian luxury brand Prada announced the opening of its first store in Doha, Qatar a few days ago. The company is placing increased focus on the Middle East in view of the slowing Asian economy and after the region emerged as one of the winners in the first quarter 2013/14: sales in the Middle East jumped from 3.7 to 22.8 million euros.
The Prada opens first store in Qatarnew store in Doha, designed by architect Roberto Baciocchi, spreads over 545 square meters on one level and is situated in the city’s Italian-themed Villaggio Mall. On offer are the brand’s women’s and men’s ready-to-wear collections, leather goods, accessories and footwear.
The new store opening comes just about two weeks after Prada opened its first freestanding store in Osaka, Japan in July and shows the company’s ongoing orientation toward the international market. Though revenues fell in Japan by 2 percent to 79 million euros in the first quarter, this was due to negative currency fluctuation; the adjusted figures showed an increase by 12 percent.
Worldwide, Prada generates 88 percent of its revenue through retail sales, which amounted to 678.7 million euros in the first quarter, an increase by 19.1 percent. Reason enough for the company to continue its expansion in growth markets with own stores.