Prada Group, an Italian luxury fashion house, saw significant growth in the first nine months of the year.
- The group’s net revenue grew by 18% to €3.8 billion, driven largely by Miu Miu’s retail sales.
- Miu Miu’s sales nearly doubled, showcasing a remarkable 97% increase year on year.
- Japan led the retail sales growth with a notable 40% increase, followed by the Middle East, Europe, and Asia Pacific.
- Prada’s CEO attributes this success to strong brand identity and creative execution.
Prada Group has reported a substantial 18% increase in net revenue, reaching €3.8 billion over the first nine months of the year up to 30 September. This impressive growth was primarily driven by Miu Miu, one of its key brands, which saw nearly a doubling in retail sales, showcasing a remarkable 97% year-on-year increase.
Retail revenues for the group, which includes both Prada and Miu Miu, increased by 15% to €3.4 billion. Wholesale sales also saw growth, rising by 8% to €314 million. Specifically, Miu Miu’s retail sales surged by 105% in the third quarter alone, highlighting its significant contribution to the group’s overall performance.
In contrast, Prada’s retail sales grew by a modest 4% year on year, and 2% in the third quarter. Despite a more challenging backdrop, the company has maintained its strong brand identity, creative dynamism, and effective execution. The group’s strategy focused on maintaining brand desirability and relevance, which has been successfully reflected in its financial results.
In terms of regional performance, Japan led with an impressive 40% retail sales increase over nine months, followed by the Middle East at 24%, Europe at 16%, and Asia Pacific at 9%. This geographical diversity has helped Prada Group to bolster its growth despite varying economic conditions across global markets.
Andrea Guerra, the group’s chief executive, expressed confidence in navigating industry complexities, citing the company’s high-quality like-for-like growth and the resilience of its brands against sector challenges. He emphasised the importance of maintaining the strength and consistency of Prada and Miu Miu’s brand identity and positioning.
Prada Group has successfully managed to achieve significant growth, demonstrating resilience and strategic excellence in the luxury market.
