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Prada announces nine months results

Nov 9, 2023 Italy
Prada announces nine months results
The Italian-based luxury group posted a 17% increase in revenue in the first nine months of 2023, as compared to the same period of last year, underpinned by solid retail sales growth in all regions
“Our strategy delivered solid growth in the first nine months of 2023, including in the third quarter, notwithstanding the very challenging basis of comparison. The Group continued to consolidate its brands’ desirability and accelerated investments as planned. Looking ahead, we are focused on enhancing innovation and dynamism, drawing on the strength of our reinforced organisation, and on retaining the flexibility that characterises our Group”, commented Patrizio Bertelli, Prada Group Chairman and Executive Director.

Nine Months Results

In the first nine months of the current fiscal year, the group’s revenue increased by 17% at a constant currency, reaching 3.34 billion euros, on a comparable basis to the same period of fiscal 2022. Wholesale sales contributed 291 million euros to the total revenue, up by 6% year-over-year, while retail sales accounted for 2.97 billion euros, up by 17% year-over-year.

The Prada group highlighted the performance of the retail channel, “supported by both average price and full price volumes”, adding that at the end of September, retail sales of the Prada brand rose by 13% and Miu Miu’s by 49%, as compared to the first nine months of 2022.

In the Asia Pacific region, the group’s retail sales to date amount to 1.04 billion euros, increasing by 21% at a constant exchange rate “on a volatile basis of comparison” year-over-year. Japan recorded a retail sales growth of 47% in this period to 344 million euros, driven by local demand, making it “the best-performing region”.

Meanwhile, in Europe, the company’s retail sales over this nine-month period totalled 941 million euros, up by 17% at a constant exchange rate, as compared to the same period of the prior year, “thanks to the strength of demand from both domestic clients and tourists”. The Prada group added that despite a positive performance, the third quarter registered a “more moderate year-on-year growth”. In the Middle East, retail sales grew by 12% year-over-year to 125 million euros.


Image Credits: harpersbazaar.com

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