NEWS

Milan, 11^st May 2023 - The Prada S.p.A. Board of Directors today reviewed and approved the consolidated revenue performance for the first quarter ended March 31, 2023.

Key highlights (growth percentage at constant currency)

•   High desirability of both Prada and Miu Miu
  
  
• Solid growth with €1,065 mln Net Revenues, up 22% yoy, despite uncertain macroeconomic environment
  
  
•  Retail Sales of €953 mln, up 23% yoy, driven by like-for-like and full price sales
  
  
• Strong rebound in Asia Pacific with Retail Sales up 22% yoy; sustained growth in Europe up 28% yoy and Japan up 55% yoy; Americas up 5% yoy; Middle East up 15% yoy
  
  
• Double-digit growth across all product categories: Leather Goods +14%, Ready-To-Wear +38%, and Footwear +20% yoy
  
  
• Continued strength of Prada brand with Retail Sales growth of +21%, and notable acceleration of Miu Miu to +42% yoy

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: “We closed a first quarter of solid growth, across all product categories and geographies, and we continued to consolidate our brands’ desirability. The global context we operate in continues to be complex and ever-changing, but our strategic priorities are clear, our organisation stronger, and the Group remains reactive. We look at the future with confidence, determined to continue our path of stable and sustainable growth.”
 

Andrea Guerra, Group Chief Executive Officer, added: “Prada Group has had a positive start to the year. Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific. Our priority for the year remains increasing store productivity, focusing on retail execution. Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure for the growth of tomorrow. The ever-evolving macro and market backdrop requires us to be vigilant, but we see benefits in accelerating these investments, if conditions remain supportive.”