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Prada’s Latest Glow: Luxury Group Unveils $83M Tokyo Landmark

Prada last week unveiled a six-story, 28,000-square-foot landmark store in Tokyo’s fashionable Aoyama shopping district.

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Customers nowadays take strong interest in things electronic, Bertelli said, noting that there is a need to propose new merchandise in a way that will come closer to the computer and the Internet.

Asia — including Japan, South Korea and China — is the world’s large consumer market. “It is only natural that a business enterprise like Prada should think of investing in this region,” Bertelli said.

Asked to give his forecast of future growth of the Japanese market, the Prada executive said it is wrong to compare Japan’s present growth with its past records in the Seventies and Eighties. “There will be a change in the way of Japanese growth,” he said. “There may not be rapid growth, but there will be constant and stable growth.

“The future growth will depend on the young people,” added Bertelli, observing that young Japanese people travel more and know more about the global market.

Despite the ill effects from the terrorist attacks of Sept. 11, 2001 Prada’s sales grew in 2002 and continue to be strong in the U.S. in 2003, Bertelli said, noting he is confident that the company will be able to “catch up” despite the effect of the Iraqi war.

The Prada Group maintained an average annual growth rate of 6 percent worldwide from 1992 through 2002, said Bertelli, adding a growth of 10 percent is anticipated for the Japanese market in 2003.
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