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Miu Miu fuels strong performance for Prada Group

Nov 1, 2024 Italy

Against a challenging backdrop in the luxury segment, the Italy-based luxury continued to perform strongly. Miu Miu “upheld its thriving growth momentum”

“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”, commented Patrizio Bertelli, Prada Group Chairman and Executive Director of Prada.

Nine Months Results

In the nine months to the 30^th of September, the group’s net revenue reached 3.83 billion euros, up by 15%, or 18% on a constant currency basis, as compared to the same period of 2023. Retail sales in this period amounted to 3.43 billion euros, an increase of 15%, or 18% on a constant currency basis, and wholesale sales amounted to 314 million euros, an increase of 8%, or 9% on a constant currency basis, as compared to the same period last year.

Now with a focus on retail sales. While Prada’s nine-month sales grew by 4% year-on-year, Miu Miu’s sales grew by 97% year-on-year, including a 105% increase in the third quarter. “Prada recorded a solid performance, showing resilience against sector headwinds, and Miu Miu upheld its thriving growth momentum”, summarised Andrea Guerra, Group Chief Executive Officer.

Regionally, the group’s performance in Japan continues to stand out, driven by “solid local consumption and strong tourist flows”. Despite a deceleration in the third quarter, year-to-date sales in the country were up by 40%, or 53% on a constant currency basis, on a comparable basis to a similar period of the previous year. In Asia Pacific, nine-month sales were up by 9%, or 12% on a constant currency basis, on a comparable basis to a similar period of the previous year.

In Europe, the Prada group’s sales at the end of September increased by 16%, or 18% on a constant currency basis, and in the Middle East by 24% on both a reported and currency basis, as compared to the first nine months of the prior year. As for the Americas region, nine-month sales increased by 7%, or 8% on a constant currency basis, with a slight acceleration in the third quarter.

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Italy Luxury Prada Quarter Results Results