NEWS

Milan, 31^rd October 2023 – The Prada S.p.A. Board of Directors today reviewed and approved the consolidated revenue performance for the nine months ended 30 September 2023.

Key highlights (growth percentage at constant currency)

• Excellent reception of Prada’s SS24 show, reflecting strong brand and creative momentum
  
  
• Miu Miu’s strategy bearing fruit, with continued outperformance
  
  
• Net Revenues of €3,344 mln, +17% yoy
  
  
• Retail Sales of €2,979 mln, +17% yoy, with Prada +13% and Miu Miu +49%; Q3-23 +10% yoy, notwithstanding the very challenging basis of comparison
  
  
• Asia Pacific, Japan and Europe drove growth regionally, with nine months Retail Sales growth of +21%, +47% and +17%, respectively; Middle East +12% and Americas -1%
  
  
• Growth across all product categories, led by Ready-To-Wear at +32% yoy; Leather Goods +8%; Footwear +16%

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: “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”.

Andrea Guerra, Group Chief Executive Officer, added: “In the third quarter, Prada remained on a sound growth trajectory, driven by solid full price like-for-like sales. Miu Miu continued to deliver a strong performance across all geographies and categories. In an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands, positioning us well for Q4 and vis-à-vis our ambition to deliver solid, sustainable, and above-market growth in 2023.”