Bolstered by the Strength of Miu Miu, the Prada Group Continues to See Impressive Growth
The Prada Group reported a strong financial performance for the year ended December 31, 2024, with significant gains across all its markets and exceptional growth for its Miu Miu brand. The Group’s revenues increased by 15 percent to €5.43 billion, up from €4.72 billion in 2023, with a net income rise of 25 percent to €839 million.
Retail sales for Prada and Miu Miu surged, with Prada increasing by 4 percent and Miu Miu by a remarkable 93 percent. The Group’s strong performance was attributed to solid, like-for-like growth and full-price sales across various regions, with retail sales totaling €4.85 billion, marking a 16 percent increase from the previous year.
“We are pleased to see that our strategy continued to deliver above-market performance, notwithstanding the challenging environment,” stated Patrizio Bertelli, Prada Group Chairman and Executive Director. He highlighted the Group’s focus on product innovation, quality, and craftsmanship, which has strengthened its market position despite industry uncertainties.
Andrea Guerra, Group Chief Executive Officer, also noted, “We ended 2024 with very positive results across our brands, marking four consecutive years of double-digit, like-for-like growth, coupled with margin expansion and cash generation, resulting in a very sound balance sheet.” He emphasized the continuous efforts to enhance brand desirability and retail productivity.
The Asia-Pacific region saw an 11 percent increase in sales, reaching €1.6 billion, while Europe experienced a 17 percent rise to €1.53 billion. The Americas and Japan also showed robust growth, with the latter achieving a 36 percent increase in sales.
Prada’s strategic investments in retail, industrial capabilities, and technology have been pivotal in supporting its growth trajectory. With a total capital expenditure of €493 million for the year, the Group remains committed to its long-term, sustainable expansion. “For the year ahead, we retain our ambition to deliver solid, sustainable, and above-market growth,” Guerra concluded.
The excellent results come amid other news that the Prada Group may be closing in on a deal to buy Versace, expanding its portfolio with the acquisition of the brand whose future ownership has been in flux since the failed merger of Capri and Tapestry.