Experiencing a remarkable +22% growth in the first quarter, the Italian fashion conglomerate, Prada Group, has capitalized on the increasing desirability of Miu Miu and the resurgence of consumer spending in China.
Impressive Results Driven by Asia’s Rebound
Building on a solid +21% revenue increase in 2022, Prada Group maintains its momentum with a revenue of €1.065 billion in the early months of this year. While the group has been actively streamlining its wholesale presence, it is the sales within its own retail network that have set the pace, soaring to €953 million, marking a significant +23% surge.
At the retail level, the Americas region experienced modest growth of +5%, while Europe witnessed substantial dynamics with a remarkable +28% increase. The Asia-Pacific region, particularly China, played a pivotal role, contributing to a resounding +22% rebound in sales. Notably, Japan recorded the most impressive growth, with sales skyrocketing by +55%, driven by strategic investments in local distribution networks and the return of tourism.
Miu Miu’s Ascending Popularity
During the first quarter, Prada Group reaped the benefits of the desirability of its iconic brand, Prada, with a notable +21% surge in retail sales. Meanwhile, Miu Miu continued its upward trajectory, witnessing a remarkable +42% spike in sales, fueled in part by the successful second phase of its collaboration with New Balance.
It is worth highlighting that both brands have secured top positions among the most sought-after brands by consumers on the Lyst search engine for the early months of this year.
Andrea Guerra, CEO of Prada Group, stated in a press release, “Our primary focus for the year remains on increasing store productivity through strong retail execution. We will continue to invest in our brands, stores, and infrastructure. While we remain cautious of the macroeconomic environment and market fluctuations, we see potential benefits in accelerating these investments under favorable conditions.”
To support their ambitions, the group recently announced an extensive recruitment campaign targeting skilled artisans and a comprehensive investment plan to enhance their production chains.
