Prada Profit More Than Doubles, Led by Asia-Pacific Growth

Prada SpA, the Italian fashion house that’s planning an initial public offering in Hong Kong, said profit more than doubled last year, led by growth in the Asia-Pacific region.

Net income rose to 250.8 million euros ($354 million) from 100.2 million euros in 2009, the Milan-based maker of Miu Miu bags said today in a statement. Revenue increased 31 percent to 2.05 billion euros, with growth of 63 percent in Asia, almost 30 percent in the U.S. and 20 percent in Europe.

Prada plans an IPO of about $2 billion on the Hong Kong exchange because it’s closer to the retailer’s fastest-growing region. It’s the fifth time in the past decade that the luxury- goods maker has attempted to sell shares.

“We have achieved the best sales and profitability results in our company’s history and today the Prada Group can count on a strong industrial and distribution platform, capable of seizing the best opportunities in all markets,” Chief Executive Officer Patrizio Bertelli said in the statement.