Zara add billionaires amid debt crisis
Surging demand for $100 Zara dresses and $3,air jordan heels,000 Prada handbags in emerging markets has created three new billionaires who hail from countries at the center of cheap soccer shoes the European debt crisis,cheap nike soccer shoes.
, the 44-year-old daughter of , Europe's mulberry daria richest man, is worth $1.1 billion, according to the Bloomberg Billionaires Index. She owns 1 percent of Arteixo, Spain's , the world's largest clothing retailer and owner of the Zara clothing chain, whose shares have gained 58 percent this year as unemployment in its home country hovers above soccer cleats 20 percent,soccer cleats sale.
and her brother - two grandchildren of founder Mario Prada - cheap soccer cleats are worth $2.6 billion each. Shares of the Italian luxury-goods maker are up 75 percent year-to-date in Hong Kong trading. The Italian government said in September the country's gross domestic product will probably fall 2.4 percent this year.
"You can't really get more of a difficult home market than Italy and Spain right now," said , managing director at , a London retail advisory firm. "For both companies, the ability to deliver a sense of mulberry bags ebay freshness to their customers has been a big part of their success in Europe. When customers feel like they are seeing something different, they are a lot less price sensitive,nike mercurial. That becomes aspirational when you go to Asia,adidas f50 adizero, where the product seems shop nike air max more exotic."
, a spokesman for Sandra Ortega,mercurial vapors, said she declined to comment on her net mulberry nike soccer shoes sale bags worth. A spokesman for Prada in Milan said the siblings also declined to comment.
Defying Spain's and Italy's ravaging debt loads and the threat of impending fiscal austerity measures, shares of Inditex and Prada are rising on the demand for their products in countries such as China and Brazil.
Zara's pricing is an enticement for cost-conscious shoppers searching for affordable fashion. The adidas soccer cleats chain offers items such as $17 scarves and $60 skirts. nike air max 90 cheap Inditex, which operates eight retail lines,buy jordan heels, opened 166 stores in about 100 cities during the first half, including 32 locations in China.
Prada, which sells $3,000 handbags and $950 shoes,cheap nike heels, has benefited from Chinese consumers' hunger for luxury goods.
"We understand consumers from buy celine bags all over the world," said , the company's 66-year-old billionaire CEO, on the company's earnings call Sept. 24,jordan heels. "For instance, Chinese consumers are much more fashion-conscious and aware of what they wear than they were a few years ago. Consumers globally need to be enticed to buy,soccer cleats."
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