Prada planning first restaurant in China as luxury goods market slows

31/01/2016

Prada store in Plaza 66 on Nanjing West Rd, Shanghai ChinaPrada, the iconic Italian luxury goods retailer, is looking for a suitable location to open its first restaurant in China in a growing trend among high-end fashion companies to diversify into the food and beverage sector as the slowdown in the Chinese economy begins to dent their bottom lines. The most likely spot for the new venues is thought to be Shanghai Plaza 66, an upmarket shopping centre owned by Hang Lung Properties in Shanghai. Luxury brands have been hit hard by a slump in sales in the wake of slower economic growth and exacerbated by the government’s ongoing crackdown on corruption.

Source: scmp