In Q1FY24, the Prada Group recorded an impressive 11 per cent growth in revenue at current exchange rates, totaling €1.19 billion. This surge was attributed to the inherent strength, creativity, and dynamic appeal of the brands within the portfolio, including Prada, Miu Miu, Church's, Car Shoe, Luna Rossa, and Marchesi 1824.
Retail sales saw a substantial increase to €1.07 million, marking an 18 per cent rise Y-o-Y. This growth was fueled by both like-for-like progression and full-price volumes.
Prada brand's retail channel saw a commendable 7 per cent growth in the quarter, while Miu Miu boasting an 89 per cent Y-o-Y surge. Miu Miu's ascent was further validated by its noteworthy performance on the online fashion brand aggregator Lyst, where it surpassed Prada in searches and secured three entries in the top ten most searched products for Q1 2024.
Market-wise, Japan experienced an impressive 46 per cent growth, while the Asia-Pacific region saw a commendable 16 per cent increase, even when compared to the strong start of 2023 prompted by China's border reopening. Europe, despite being listed on the Hong Kong stock exchange, achieved an 18 per cent growth, while the Middle East and the Americas registered a 15 per cent and 5 per cent growth respectively.
Patrizio Bertelli, Chairman and Executive Director, emphasised on the group's commitment to strategic development and long-term, sustainable growth. He stressed the importance of maintaining flexibility and agility in response to evolving industry dynamics, while also highlighting the organisation's strength and the talent of its workforce.
