The Italian luxury fashion company, Prada Group, known for its iconic brands Prada and Miu Miu, has reported strong growth in the period from January to September 2023. The company’s revenues reached €3.34 billion, indicating a 17% increase at constant exchange rates.
While other luxury giants like LVMH and Hermès reported growth rates of 14% and 22% respectively for the same period, Prada Group outperformed with its solid financial results. The company saw growth across all its product categories, although there were some disparities. The ready-to-wear segment saw a remarkable sales increase of 32%, while the footwear department experienced a revenue growth of 16%. The leather goods division had a more moderate increase in revenue, at 8%.
Retail sales played a significant role in boosting the company’s overall performance, reaching €2.98 billion, with a 17% increase. Prada saw a 13% increase in revenue, while Miu Miu witnessed an impressive growth of 49% through this distribution channel. Wholesale sales also saw a growth of 6%.
Geographically, the American continent experienced a slight decline of 1%, amounting to €536 million in retail sales. On the other hand, Japan recorded the highest growth rate at 47%, with revenue reaching €334 million. The Asia-Pacific market, which is the most attractive for Prada Group, saw a 21% increase in revenue, surpassing €1 billion in sales. Europe and the Middle East reported growth rates of 17% and 12%, respectively.
During the presentation of the financial results, CEO Andrea Guerra mentioned the company’s vigilance in the face of an uncertain geopolitical and economic environment. However, he expressed confidence in the performance of the fourth quarter, which will conclude the company’s 2023 financial year.
For more information on Prada Group’s financial results, you can visit their official website here. Additionally, if you are interested in learning more about the luxury fashion industry, you can explore the latest trends and news on Business of Fashion.
