Both Prada and Miu Miu Brands Continue to Drive Global Increase in Revenues
Prada Group announced continued sales growth for the first quarter, reporting a rise of 11 percent to 1.18 billion euros for the three-month period ending March 31, compared to 1.06 billion euros during the same period last year. Adjusting for currency fluctuations, revenues experienced a growth of 16 percent.
Patrizio Bertelli, Chairman and Executive Director of Prada Group, emphasized the company’s strategic advancement towards long-term, sustainable growth, stating, “Our group continues to make strategic progress as we invest for long-term, sustainable growth.” He acknowledged the challenges posed by the current market environment and highlighted the importance of flexibility and innovation in navigating industry dynamics.
“Prada Group had a positive start to the year. During the first quarter Prada experienced solid and above-market growth against a high quarterly basis of comparison; Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years,” said Andrea Guerra, group chief executive officer. “We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands’ desirability. Sharpness of positioning, creativity and communication will be critical this year; while the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth.”
Retail sales for the group increased by 12 percent to 1.07 billion euros, driven by both like-for-like and full-price volumes, with a comparable growth of 18 percent at constant currency rates. However, wholesale revenues experienced a slight decline of 1 percent to 90 million euros. Royalties saw a notable increase of 22 percent to 25 million euros compared to the previous year.
Regarding the performance of Prada and Miu Miu segments, the statement highlighted positive reception for the Fall 2024 fashion shows and emphasized the brands’ commitment to sustainability, saying “The introduction of leather goods novelties, such as the Buckle Bag, further enriched the category alongside the ongoing reinterpretation of icons. The focus on Prada Re-Nylon collection throughout the quarter reiterated the brand’s commitment to sustainability.”
Geographically, all markets demonstrated growth in retail sales. Asia-Pacific experienced a 10 percent increase to 396 million euros, while Europe saw a rise of 14 percent to 295 million euros. Sales in the Americas increased by 4 percent to 181 million euros, with Japan showing significant growth of 29 percent to 145 million euros, or 46 percent at constant exchange rates. Revenues in the Middle East rose by 15 percent to 54 million euros.
