Prada Group records $1.27 billion in sales driven by Miu Miu success

Prada Q1 revenue: Italian luxury group Prada reported a 16 per cent increase in revenues for the first quarter, driven by strong sales from Miu Miu and sustained growth in Asia.

The family-owned company disclosed sales of 1.19 billion euros ($1.27 billion) on Wednesday, slightly surpassing analysts' expectations of 1.14 billion euros. Despite concerns over a luxury market slowdown, Prada's performance remained robust.

Patrizio Bertelli, Prada Group Chairman and Executive Director, said, “Our Group continues to make strategic progress as we invest for long-term, sustainable growth. Over the first quarter, we delivered a solid performance in a more challenging market environment. In this context, we have to maintain flexibility and agility to respond to constantly evolving industry dynamics while continuing to innovate and invest across our business, leveraging the strength of our reinforced organisation and the talent of our people.”

Andrea Guerra, Group Chief Executive Officer said, “Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years. We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands’ desirability.” 

Sales growth was particularly notable in Europe and Asia Pacific, with Japan experiencing a strong boost from tourist spending. However, the Americas market continued to exhibit slower growth.

Flagship brand Prada saw a 7 per cent rise in retail sales during the January-March period, while Miu Miu, which contributes approximately 15 per cent to total sales, recorded an impressive 89 per cent increase.

(With Reuters inputs)