Prada Group has announced a significant increase in its financial performance for the first half of 2024, marking a robust year-on-year growth.
- The group’s net revenue jumped by 17%, reaching €2.5 billion (£2.1 billion), with retail sales also seeing a substantial rise.
- Retail sales in Asia Pacific, Europe, Japan, and the Middle East contributed to double-digit growth, reflecting a strong global presence.
- Prada’s brand strategies, including creative innovation and impactful campaigns, have been key to its recent success.
- Despite market uncertainties, Prada Group’s strategic execution and brand strength have facilitated remarkable results.
Prada Group, the parent company of renowned Italian fashion houses Prada and Miu Miu, reported a noteworthy 17% increase in net revenue, totalling €2.5 billion (£2.1 billion) for the first half of 2024. The six months leading up to 30 June saw the group achieve significant financial progress, with retail sales climbing to €2.2 billion (£1.85 billion).
An impressive growth was observed across various regions, with the Asia Pacific, Europe, Japan, and the Middle East all contributing to the double-digit growth. Particularly, retail sales at Prada grew by 6% year on year, while Miu Miu experienced a remarkable 93% increase.
According to the latest report, Prada capitalised on its creative strength and high-impact initiatives, which resonated well with its audience. The brand maintained a well-balanced category mix, where newness and iconic leather goods continued to bolster its performance. The creative energy also propelled its ready-to-wear and footwear lines, driving overall traction.
The commercial response for Miu Miu was equally positive, bolstered by effective communication strategies such as the new leather goods campaign, which enhanced its appeal across all categories. Such strategic initiatives have proven crucial in fostering the brand’s desirability, ensuring its solid market standing.
Patrizio Bertelli, Prada Group chair and executive director, expressed satisfaction with the group’s performance amidst challenging market conditions. “The solid results recorded in the first half of the year reflect the strength of our brands and the disciplined execution of the group’s strategy,” he mentioned, underscoring the group’s resilience and high-quality growth trajectory.
Prada Group’s strategic focus and brand strength have yielded significant gains, setting a promising trajectory for the remainder of 2024.
