“The Group had a positive start to the year. Prada showed strong resilience, against the most challenging quarterly comparison of 2024; the comps will ease slightly in the second half of the year, but we expect the backdrop to remain complex. Notwithstanding the headwinds, Miu Miu confirmed a remarkable growth trajectory. Looking ahead, our strategy remains centred on our brands, their relevance, creativity and marked sensibility in reading the spirit of the time. Sharp execution will be key in this environment and to continue to deliver on our ambition of solid, sustainable and above-market growth”, commented Andrea Guerra, Group Chief Executive Officer.

First Quarter Results

In the first quarter of 2025, the group’s net revenue reached 1.34 billion euros, an increase of 13% on both a reported and constant basis, as compared to the same period of the last year, driven by like-for-like, full price sales.

While the Prada brand’s retail sales remained stable, “a resilient performance against the highest quarterly comps of 2024”, Miu Miu confirmed its growth trajectory with a 60% increase year-on-year.

Geographically, in the first quarter of the current year, Asia Pacific grew by 10% on a reported and constant basis to 438 million euros, on a comparable basis to the same period of 2023, despite unchanged market conditions. Europe followed with growth of 13% on a reported basis and 14% on a constant currency basis to 334 million euros.

In the Americas, “despite increased volatility during the period”, the group’s sales increased by 11% on a reported basis and 10% on a constant basis to 201 million euros, as compared to the first quarter of the previous year.

Finally, during this period, the Prada group’s sales in Japan increased by 19% on a reported basis and 18% on a constant basis to 172 million euros, and in the Middle East by 31% on a reported basis and 26% on a constant basis to 70 million euros, as compared to the first quarter of 2024.