Prada doesn’t know what crisis mean. In the first quarter of 2024, the revenue of the Italian luxury group amounted to 1.19 billion euro, up 16% at constant rates. Miu Miu took off thanks to an 89% retail sales’ increment. The Prada brand also did well (+7%). It’s also worth mentioning the inversion of the trend for Church’s: +22%. Thanks to full-priced items, the group’s retail sales increased 18%. The Americas were the only one to limit growth to single-digit rate (+5%). Asia-Pacific grew 16%. Here are the comments by Patrizio Bertelli and Andrea Guerra.
Don’t talk about crisis around Prada
“The group is continuing on its strategic path, with investments focused on creating long-term sustainable growth”, said the president of Prada, Patrizio Bertelli. “The performance during Q1 was solid, even within a complicated context. We need to remain flexible and agile, to be able to face the constantly changing market evolutions”. Bertelli’s words are followed by those of Andrea Guerra, the group’s CEO. “Prada reached growth superior to the market average, even if the context was very challenging. Miu Miu’s performance was the fruit of an effective strategy and disciplined implementation”.
Miu Miu takes off
The group also highlighted the main role played by leather goods, as the compartment pushed Prada and Miu Miu. “The introduction of new items, such as the Buckle Bag, contributed to enriching the brand’s offering”, wrote the Italian company. For Miu Miu, “leather goods continued to be appreciated by the market, thanks to new lines (Ivy and Softy) and iconic ones (Arcadie and Wander)”. The group’s overall revenue (1.19 billion euro) was slightly higher than the consensus of 1.14 billion euro cited by analysts, effectively challenging the current slowdown of the luxury industry (source Reuters).
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