Designer Prada 2008 net down as it invests in shops

MILAN, April 28 (Reuters Life!) - Italian fashion designer Prada turned in a net profit of 99 million euros ($128.8 million) in 2008, down 22 percent from a year earlier, as it invested around 160 million euros in its retail network. Prada, whose designer Miuccia Prada is regarded as a trailblazer for fashion worldwide, said in a statement on Tuesday that revenues in 2008 were 1.648 billion euros compared with 1.661 billion euros a year ago.

It said it had opened 34 new stores in 2008 -- 18 for its core Prada brand, 9 for its Miu Miu line and 7 for Church's shoes. Investments were up 69 percent on 2007.

"I am convinced that the job of a businessman is to face difficult times with a vision for the medium to long term," Patrizio Bertelli, Prada's chief executive officer and husband of the designer, said in the statement.

Net financial debt was 537.4 million euros, slightly up from 2007's 507.5 million euros.

Prada has had its sights on a public offering but Bertelli told MF newspaper earlier this month that the bourse "does not interest us for now."

It operates in 78 countries through directly owned stores as well as department stores and franchises.

(Reporting by Jo Winterbottom, editing by Paul Casciato)