“We ended 2024 with very positive results across our brands, marking four consecutive years of double-digit like-for-like growth, coupled with margin expansion and cash generation, resulting in a very sound balance sheet. We continued to make progress in terms of brand desirability, retail productivity and strength of our organisation, with disciplined and rigorous execution across the board. Over the year, Prada confirmed its solid growth trajectory and Miu Miu reached a whole new level of visibility and scale, driven by a well-diversified total look offering”, commented Andrea Guerra, Group Chief Executive Officer.

Fiscal 2024 Results

The Prada group achieved full year net sales of 5.43 billion euros, an increase of 15% on a reported basis and 17% on a constant basis, as compared to 4.73 billion euros in 2023.

Retail sales contributed 4.85 billion euros to the group’s net sales, up by 18% on a constant currency basis versus the prior year, with double-digit growth in Asia Pacific (13%), Europe (18%), Japan (46%) and the Middle East (25%). The group highlighted that the Americas performed well, with full year net sales growth of 9% year-on-year, entering double-digit growth in the second half.

From a brand perspective, retail sales of the Prada brand grew by 4% last year, accelerating in the last quarter of the year, and retail sales of the Miu Miu brand grew significantly by 93%, on a comparable basis to the prior year.

The luxury group’s full year EBIT totalled 1.28 billion euros, up by 21% from 1.06 billion euros in 2023, with the EBIT margin improving to 23.6% from 22.5%. The company’s net profit rose by 25% year-on-year to 839 million euros from 671 million euros in the previous year.

Versace Takeover

Prada has emerged as the leading bidder to acquire Versace from Capri Holdings for around 1.5 billion euros, according to media reports, in a move that would combine two of Italy’s most iconic luxury fashion brands.

Capri, which bought the Italian luxury brand in 2018 for about 1.85 billion euros including debt, has reportedly been looking to sell Versace for some time. 

The plan accelerated last year when Capri called off a merger with rival Tapestry after a US judge blocked the deal in October over antitrust concerns. In the last three months of 2024 alone, Versace reported a 15% drop in sales to 193 million US dollars, as compared to the same period last year.

People briefed on the ongoing talks said an agreement could be reached “within weeks”.