Prada Group continues to defy the luxury market’s downturn, showcasing resilience through strategic growth.
- Retail revenue surged by 15% in the first nine months of the year, reaching €3.8bn, driven by Miu Miu’s impressive retail sales.
- Miu Miu’s sales nearly doubled, increasing 97% overall and 105% in the third quarter alone.
- Prada’s retail sales also advanced, demonstrating a solid 4% year-on-year rise.
- Significant gains were noted across global markets, particularly in Japan, the Middle East, and Europe.
In a challenging market environment, Prada Group has exhibited resilience and ambition by reporting a 15% increase in net revenue, totalling €3.8bn for the first nine months of the year. The success is significantly attributed to the extraordinary performance of Miu Miu, which saw its retail sales almost double, marking a 97% increase overall and an impressive 105% rise in the third quarter alone.
Alongside Miu Miu’s success, Prada’s own retail sales have also grown, showing a modest yet stable 4% increase year-on-year. This growth highlights the group’s ability to maintain its relevance and appeal despite wider industry challenges. Wholesale sales also saw a marginal increase of 8%, reaching €314m.
The executive leadership of Prada Group credits these accomplishments to the strong and consistent brand identity and creative vitality that both Prada and Miu Miu maintain. These elements have ensured the brands remain desirable and competitive, bolstering their positions in a fluctuating market.
Global market performance contributed significantly to these results, with Japan leading the charge. Sales in Japan grew by 40%, underscoring a robust demand for luxury goods in the region. The Middle East followed with a 24% increase, while Europe and the Asia Pacific saw rises of 16% and 9% respectively.
Andrea Guerra, Prada Group’s chief executive, expressed confidence in the group’s continued positive trajectory. He emphasised the brands’ resilience and the group’s dedication to delivering sustainable growth despite the industry’s complexities, describing each quarter’s growth as ‘high-quality’.
Guerra’s confidence in Prada and Miu Miu’s positioning in the luxury market highlights a commitment to navigating industry challenges and delivering above-market growth. The company’s strategies appear poised to maintain momentum and prosperity.
Prada Group’s strategic approach and brand strength place it in a formidable position to continue thriving amidst a challenging luxury market landscape.
