In Q1 FY24, the net revenues of Prada SpA by 16 per cent at constant exchange rates to €1.19 billion ($1.27 billion) as against the analysts’ expectations of €1.17 billion jumped as the Italian fashion group, which also owns Miu Miu continues to outperform its biggest rivals.
The brand’s performance was particularly strong in Asia Pacific, including China, which a year ago was reopening after the strict lockdowns of 2022. Appreciating the brand’s performance Patrizio Bertelli, Chairman, says, the brand performed exceptionallywell even amidst a challenging market environment.
During the quarter, the Lyst index ranked Miu Miu and Prada amongst the hottest brands in the world. In particular, the analyst Lyst pointed to a popular sneaker collaboration between Miu Miu and New Balance.
The strong performance of Prada stands in sharp constrasts to the weak results of its French rival Kering, whose biggest brand Gucci is facing a tough turnaround as it seeks to reposition itself in a more exclusive segment.
Miuccia Prada, the granddaughter of the group’s founder, is creative director at Miu Miu and splits those duties at Prada with Raf Simons.
