In the first 9 months of 2024, in absolute contrast, Miu Miu doubles and the Prada Group establishes itself as a champion of growth. “We are pleased to see that our strategy continues to generate results above the market average, both for Prada and Miu Miu”, is the comment of Patrizio Bertelli, president of the Prada Group (pictured). “We operate in a challenging sector context, for the entire supply chain”. Speaking of exceptionalism, the Tuscan holding company is also reporting positive results in Asia.
When Miu Miu doubles
Prada files the first nine months of 2024 as if there is no luxury crisis. Revenue amounted to 3.83 billion euro, up 18% at constant exchange rates from January-September 2023. A result driven by double-digit growth in retail sales in Asia and Europe and the doubling of sales of the smaller Miu Miu brand. Group retail sales were 3.42 billion, up 18% year-on-year. Prada (+4%) has above-market growth, while Miu Miu is off the charts with its +97%. On the way to improving is Church’s: +11%.
CEO’s comment
“Consistency of identity, creativity, and incisive positioning underpin the desirability and relevance of our brands”, emphasized group CEO Andrea Guerra. ”Despite the challenging environment, we are confident in our ability to cope with the complexity of the industry and confirm our ambition to generate solid, sustainable, and above-market growth”.
Third quarter detail
In the third quarter (July-September), the Prada brand reported a 2% increase in retail sales, slowing from the previous quarter. This is the only negative note for the group’s performance. Miu Miu, on the other hand, achieved a staggering 105% growth, while Church’s grew 4%. China was a weak point for most brands. In the third quarter, relative to Asia Pacific, group sales grew 12%.
Prada Group Photo
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