“Prada Group had a positive start to the year. During the first quarter Prada experienced solid and above-market growth against a high quarterly basis of comparison; 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. Sharpness of positioning, creativity and communication will be critical this year; while the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth”, commented Andrea Guerra, Group Chief Executive Officer.

First Quarter Results

In the first quarter of fiscal 2024, Prada group reported a net revenue of 1.19 billion euros, which represents an increase of 16% at constant exchange rates, on a comparable basis to the same period of the previous year. Retail sales contributed 1.07 billion euros to the group’s total revenue, up by 18% year-over-year, driven by like-for-like and full price volumes.

Miu Miu continues its strong growth trajectory, with the highly acclaimed FW24 fashion show further enhancing the brand’ desirability. Its leather goods continue to be well received by customers, both new and established lines are performing well, and the collaborations with New Balance and Church have brought a new dynamism to the Miu Miu identity.  As a result, retail sales grew by 89% at constant exchange rates in the first quarter, as compared to the same period of 2023.

The company also said that the Prada brand “continues to exhibit high brand desirability, following the well-received FW24 Men’s and Women’s fashion shows”. The brand’s retail sales increased by 7% at constant exchange rates, on a comparable basis to the first quarter of last year.

Geographical Retail Sales

The Prada Group’s retail sales in Asia Pacific reached 396 million euros in the first three months of the year, up 1by 6% at constant exchange rates over the same period last year. Japan continues to show the strongest growth, up by 46% year-over-year to 145 million euros, driven by continued domestic consumption and, increasingly, by tourists.

In Europe, the group’s retail sales in the first quarter of the current year increased by 18% at constant exchange rates to 295 million euros, on a comparable basis to the same period of 2023. The Middle East region recorded solid sales growth of 15% at constant exchange rates over the prior year to reach 54 million euros. In the Americas, the company recorded a slight improvement compared to the last quarter of 2023, with first quarter sales up by 5% year-over-year to 181 million euros.