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Prada reports annual revenue growth of 21%

Mar 15, 2023 Italy
Prada reports annual revenue growth of 21%
The Italian-based luxury group reported a net sales growth of 21% in 2022 over the prior year. Both the Prada and Miu Miu brands performed “strongly”
“Prada Group delivered excellent results in 2022, underpinned by brand momentum, greater client engagement and rigorous strategy execution. The Retail channel drove our performance, achieving strong and broad-based organic growth at both Prada and Miu Miu. We performed well across all product categories and geographies, more than offsetting weakness in China due to Covid-19. We continued to develop our sustainability capabilities and activities, ensuring they remained linked to the identities of our brands and relevant to our clients”, commented Patrizio Bertelli, Executive Director of Prada.


Full Year 2022 Results

Prada group's net sales increased by 21% in 2022, reaching 4.20 billion euros, on a comparable basis to the prior fiscal year. In particular, by channel, retail sales amounted to 3.73 billion euros (up by 21%, year-over-year), wholesale sales totalled 388 million euros (down by 2%) and online sales added 76 million euros to the total revenue (up by 55%, year-over-year).

The luxury group highlighted that both the Prada and Miu Miu brands performed “strongly”, with their revenue rising by 25% and 20% last year, respectively, as compared to fiscal 2021. Furthermore, growth was balanced across product categories: sales in the leather goods segment grew by 18%, in the ready-to-wear segment by 27% and in the footwear segment by 29%, year-over-year.

The Prada group's gross margin increased to 78.8% in 2022 from 75.7% in the previous year, and its annual EBIT margin rose to 18.5% from 14.5% in 2021.

Throughout last year, the company's net income amounted to 465 million euros, up by 58% from the net income registered in full year 2021 (294 million euros).

“In 2023, we expect revenue growth to remain solid and above market average. China has restarted to be an engine of growth; however, in this ever-changing scenario, we will remain vigilant and maintain a disciplined approach to costs and capital allocation”, added Andrea Guerra, Group Chief Executive Officer of Prada.


Image Credits: prada.com

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