Retail sales saw an even more substantial rise, climbing 18 per cent YoY to €1.07 billion (approximately $1.14 billion). This increase is primarily driven by like-for-like sales and robust full-price volumes, underscoring the brand’s successful strategy in its direct-to-consumer channels. Prada brand itself reported a commendable above-market performance with a 7 per cent increase in retail sales YoY. Meanwhile, Miu Miu, another brand under the Prada umbrella, continued its strong growth trajectory with an impressive 89 per cent surge in retail sales compared to the same period last year.
Prada reported a 16 per cent year-on-year increase in Q1 FY24 net revenues, reaching €1.187 billion.
Retail sales rose by 18 per cent to €1.07 billion, driven by strong full-price sales and like-for-like growth.
Miu Miu exhibited a standout performance with an 89 per cent surge in retail sales.
Regionally, Japan led with a 46 per cent increase.
Regionally, the Asia Pacific area showed resilience with a 16 per cent growth, an impressive feat given that the same quarter last year marked the lifting of COVID-19 restrictions, setting a high comparative bar. Europe also reported robust growth, with an 18 per cent increase in revenues, fuelled by spending from both locals and tourists. The Americas region saw a modest improvement with a 5 per cent growth, slightly up from the last quarter of FY23, the company said in a media release.
Japan outpaced all regions with a 46 per cent YoY increase in revenue, driven primarily by strong local consumption and a growing influx of tourists. The Middle East also maintained solid growth momentum, with revenues increasing by 15 per cent YoY.
“Our group continues to make strategic progress as we invest for long-term, sustainable growth. Over the first quarter, we delivered a solid performance in a more challenging market environment. In this context, we have to maintain flexibility and agility to respond to constantly evolving industry dynamics while continuing to innovate and invest across our business, leveraging the strength of our reinforced organisation and the talent of our people,” said Patrizio Bertelli, Prada group chairman and executive director.
Fibre2Fashion News Desk (DP)