The company’s revenue increased by 15 per cent at foreign exchange (FX) rates and by 18 per cent at constant rates. Prada’s retail sales were up 4 per cent YoY, while Miu Miu’s retail sales rose 97 per cent YoY, stated Prada in a press release.
Prada Group has reported €3,829 million (~$4,135 million) in net revenue for 9M 2024, a year-on-year increase of 18 per cent, driven by strong brand identity and retail growth.
Miu Miu saw exceptional 97 per cent retail sales growth.
Double-digit revenue gains in Asia Pacific, Europe, and Japan contributed, while Prada continued strategic investments in retail and technology.
The retail sales of the company were €3,425 million (~$3,711 million) in 9M period 2024 witnessing an increase of 15 per cent (FX) and 18 per cent (constant rate) in comparison to €2,979 million in same period last year. The wholesale sales of the company in the 9M 2024 period reached €314 million in comparison to €291 million in same period last year, an increase of 8 per cent (FX) and 9 per cent (constant rate). The royalties of the company grew to €91 million in 9M 2024 period in comparison to €73 million in 2023 witnessing an increase of 24 per cent at both reported and constant FX rates.
The company also had double-digit growth in Asia Pacific, Europe, Japan, and the Middle East, with a slight improvement in the Americas. Asia Pacific progressed well over the 9M period, at +12 per cent (at constant rates), reaching €1,139 million in 2024. The market in Europe grew +18 per cent over the nine months, supported by both domestic and tourist spending with revenue of €1,089 million and Americas over the 9-month period grew +8 per cent to reach €576 million. Japan saw outstanding growth throughout the period at +53 per cent to reach €466 million in 9M period in 2024. The Middle East registered a solid performance in the 9-month period, at +24 per cent to reach €154 million in 2024, added the release.
Patrizio Bertelli, Prada Group chairman and executive director, commented: “We are pleased to see that our strategy keeps delivering above-market performance at both Prada and Miu Miu. We are operating in a challenging environment, for the entire luxury value chain. Nonetheless, we continue to see opportunities for our brands and remain committed to our strategic investment plan in retail, technology and industrial capabilities to support the long-term, sustainable growth of our Group and our partners.”
Andrea Guerra, Group chief executive officer (CEO), added: “We progressed through the year with another quarter of high-quality, like-for-like growth, supporting our positive trajectory in both revenue and margins. Our brands remain desirable and relevant, thanks to the strength and consistency of their identity, creativity and sharp positioning. Prada recorded a solid performance, showing resilience against sector headwinds, and Miu Miu upheld its thriving growth momentum. Despite the challenging backdrop, we are confident in our ability to navigate the industry complexities, and remain committed to our ambition to deliver solid, sustainable and above-market growth.”
Fibre2Fashion News Desk (SG)