In the first nine months of FY’24 ended Sep 30, 2024, luxury fashion house Prada Group increased its net revenues by 18 per cent Y-o-Y to €3,829 million (approximately $4,135 million) as against €3,344 million (around $3,621 million) generated in the corresponding period last year.
The brand’s sales rose by 15 per cent at foreign exchange (FX) rates and by 18 per cent at constant rates during the period. Its retail revenue increased by 15 per cent Y-o-Y to €3,425 million and by 18 per cent at constant rates, compared to €2,979 million in the same period last year. This growth was led by its brand Miu Miu whose sales grew by 97 per cent Y-o-Y, highlighting the brand’s growing popularity. Prada's wholesale revenue also increased by 8 per cent Y-o-Y and 9 per cent Y-o-Y at constant rates to €314 million.
Regionally, Prada’s sales grew in double-digits across the Asia Pacific, Europe, Japan, and the Middle East, with sales in the Americas growing at a modest rate. The brand’s sales in Asia Pacific grew by 12 per cent at constant rates to €1,139 million, while fueled by domestic and tourist spending sales in Europe grew by 18 per cent to €1,089 million. Japan registered highest sales growth in the Asia Pacific region with a 53 per cent rise to €466 million, while salesin the Middle East increased by 24 per cent to €154 million.
Patrizio Bertelli, Group Chairman and Executive Director, Prada, notes, the brand continues to to deliver above-market performance at both Prada and Miu Miu. Despite a challenging luxury market environment, growth opportunities abound with the brand remaining committed to strategic investments in retail, technology, and industrial capabilities.
Highlighting Prada’s consistent performance amid industry challenges, Andrea Guerra, CEO, says, the group’s brands maintain strong desirability and relevance thanks to their consistent identity, creativity, and sharp positioning. Prada and Miu Miu’s resilience and momentum not only showcase the group’s ability to navigate complexities but also reinforce its commitment to sustainable, above-market growth.
