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Retail roundup: Prada, Asos, CVS free gas promotion

May 26, 2012|By Shan Li
  • Prada merchandise is displayed in one of the company's stores in Hong Kong.
Prada merchandise is displayed in one of the company's stores in Hong… (Jerome Favre / Bloomberg )

--Facing an uncertain U.S. economy and a flailing Europe, Italian fashion house Prada is planning to open 260 stores in the next three years to capture consumers in emerging markets who are hungry for luxury goods, a report says.

The Milan company, which owns Miu Miu and Church's in addition to its marquee Prada brand, is planning fresh outlets in countries such as Turkey, China and Brazil, according to Bloomberg.

Prada Chief Executive Patrizio Bertelli (also husband of head designer Miuccia Prada) told Bloomberg that the company will add 100 new stores this year and 160 stores the following two years.

"We are expanding in Morocco, Istanbul, Beirut, Dubai and Qatar," Bertelli said. "Brazil is also a big market we're looking at."

--British online retailer Asos reported a sizable jump in profit in the last fiscal year as shoppers snapped up more of its stylish yet affordable clothes.

For the 2012 fiscal year, the clothier raked in a profit of 40.9 million pounds (about $64 million), up 43% compared with the year before. Sales rose 46% to 495 million pounds ($775 million). 

Asos targets teenagers and young woman with clothes that mimic high-end designers. Similar to Zara or H&M, celebrities such as Rooney Mara and Emma Roberts have been spotted sporting Asos apparel.

Chief Executive Nick Robertson said the outlook is bright for the current year as the company continues its "journey to becoming the world's number one online fashion destination."

--Convenience store chain CVS is launching a summer promotion for shoppers to earn free gasoline by buying household essentials and beauty items.

Consumers sign up for the chain's ExtraCare program. This summer, shoppers can earn up to five $10 gift cards to Shell or Exxon/Mobile during select weeks through August by spending $30 on designated items at CVS stores around the country.

"This year’s earn free gas promotion delivers on that promise and builds on the success and popularity of our program last year by giving customers an easy way to earn up to $50 in free gas while shopping,” said Judy Sansone, senior vice president of merchandising for CVS/pharmacy.

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