MILAN – Prada Group is one of the few companies bucking the luxury slowdown.
On Wednesday the company reported continued growth in the nine months ended Sept. 30, propelled by strong retail sales in all geographic areas, including Asia Pacific, and the gravity-defying gains at Miu Miu, where retail revenues soared 97 percent in the period, accelerating in the third quarter when they jumped 105 percent. As reported, Miu Miu once again returned to be ranked the hottest brand in the world in the third quarter, according to shopping platform Lyst. Prada‘s retail sales, which continue to contribute to the bulk of revenues, also showed an increase, up 4 percent.
At the group level, which also includes Church’s and Car Shoe, revenues rose 15 percent to 3.83 billion euros in the nine months, compared with 3.34 billion euros in the same period last year. At constant exchange rates, sales climbed 18 percent.
Retail sales were up 15 percent to 3.42 billion euros, in a consistent like-for-like growth trajectory as they rose 18 percent at constant exchange rates in the third quarter, also driven by full price volumes.
Wholesale sales were up 8 percent to 314 million euros. Royalties rose 24 percent to 91 million euros, showing the strength of the group’s fragrance and eyewear collections.
“We are pleased to see that our strategy keeps delivering above-market performance at both Prada and Miu Miu,” said Patrizio Bertelli, Prada Group chairman and executive director. “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.”
Backstage at Prada Spring 2025 Ready-to-Wear Collection
Andrew Katz/WWD
“We progressed through the year with another quarter of high-quality, like-for-like growth, supporting our positive trajectory in both revenue and margins,” said Andrea Guerra, group chief executive officer. “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.”
In a statement, the group underscored recent developments. These include the participation of Luna Rossa Prada Pirelli in the 37th America’s Cup — where it lost in the final round to decide the challenger; the unveiling of the spacesuit developed in partnership with Axiom Space, and Miu Miu’s immersive, site-specific art project Tales & Tellers, presented in the framework of Art Basel Paris, all of which contributed to enhance the brands’ ability to play across different sectors.
In the nine months, group sales in Asia Pacific rose 9 percent to 1.14 billion euros with an overall in-line trend in the third quarter, despite the more challenging market conditions in the region. At constant exchange rates, revenues in the area were up 12 percent.
Sales in Europe increased 16 percent to 1.09 billion euros over the nine months, supported by both domestic and tourist spending.
The group reported a positive progression in the Americas over the nine-month period, up 7 percent to 576 million euros, showing a further slight acceleration quarter-on-quarter in the third quarter.
Japan registered 40 percent growth in sales to 466 million euros, driven by solid local consumption and strong tourist flows. At constant exchange rates, sales in that market jumped 53 percent. The third quarter continued to show high growth, while in deceleration versus the previous quarter.
The Middle East also registered a solid performance in the nine-month period, up 24 percent to 154 million euros, accelerating in the third quarter.
