Prada Group reports positive start to the year with retail sales up 18% yoy

Milan, 24^th April 2024 - The Prada S.p.A. Board of Directors, which convened today, reviewed and approved the consolidated revenue performance for the first quarter ended March 31, 2024.

Key highlights (growth percentage at constant currency)

Solid growth with €1,187 mln Net Revenues, up 16% yoy, fueled by the brands’ strong identity, creativity and dynamism

Retail Sales of €1,071 mln, up 18% yoy, driven by like-for-like and full price volumes

Above-market performance of Prada with Retail Sales growth of +7% yoy

Miu Miu remained on strong growth trajectory, with Retail Sales growth of +89% yoy

Asia Pacific continued to grow with Retail Sales up 16% yoy despite comparison with re-opening quarter; sustained growth in Europe up 18% yoy; Americas up 5% yoy; strong performance in Japan up 46% yoy; Middle East up 15% yoy

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:

“Our Group continues to make strategic progress as we invest for long-term, sustainable growth. Over the first quarter, we delivered a solid performance in a more challenging market environment. In this context, we have to maintain flexibility and agility to respond to constantly evolving industry dynamics while continuing to innovate and invest across our business, leveraging the strength of our reinforced organisation and the talent of our people”.

Andrea Guerra, Group Chief Executive Officer, added:

“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”.

NET REVENUES*

High desirability for Prada and thriving momentum for Miu Miu

Prada continues to exhibit high brand desirability, following the well-received FW24 Men’s and Women’s fashion shows. The introduction of Leather Goods novelties, such as the Buckle Bag, further enriched the category alongside the ongoing reinterpretation of icons. The focus on Prada Re-Nylon collection throughout the quarter reiterated the brand’s commitment to sustainability.

Miu Miu’s momentum remained very positive, with the highly acclaimed FW24 fashion show driving brand desirability further. Leather Goods continued to be received very positively by clients, with both new lines (Ivy and Softy) and icons (Arcadie and Wander) performing well, also supported by dedicated campaigns. The brand’s collaborations with Church’s and New Balance contributed to give further dynamism to Miu Miu’s identity. Consolidated event formats kept elevating the dialogue with the Miu Miu community worldwide.

Retail Sales (growth percentage at constant currency)

The Retail channel saw continued growth in the period, up 18% yoy, with performance driven by like-for-like, full price volumes.

Compared with the same period of 2023, Prada Retail Sales increased by +7% yoy; Miu Miu remained on a strong growth trajectory of +89% yoy.

Retail Sales by geography*

Solid performance in Asia Pacific up 16% yoy, notwithstanding the comparison with Q1-23, which marked the elimination of Covid-19 restrictions in the region.

Europe grew +18% yoy, supported by both domestic and tourist spending.

Growth in the Americas slightly improved vs Q4-23 at +5% yoy.

Japan continued to register the highest growth, up 46% yoy, sustained by local consumption and increasingly by tourists.

Solid growth in the Middle at East +15% yoy.

*Unaudited figures

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