Prada Group: sound results and solid progress in the evolutionary journey of the group

Milan, 4^th March 2025 – The Prada S.p.A. Board of Directors reviewed and approved today the consolidated financial results for the full year ended 31 December 2024.

Key highlights (growth percentage at constant currency)

Enduring brand relevance and disciplined execution drove positive trajectory on both revenue and margins
Net Revenues of €5.4 bln, up 17% yoy, well above-market
Retail Sales of €4.8 bln, up 18% yoy, driven by like-for-like, full price volumes; strong and consistent Q4, also up 18% yoy
Another year of solid growth for Prada, with Retail sales up 4% yoy
Record year for Miu Miu, with Retail growth at +93% yoy
Double-digit growth in Asia Pacific, Europe, Japan and Middle East; Americas in sequential improvement, showing double-digit growth in H2
Further margin expansion with EBIT Margin at 23.6%, €1.3 bln
Group Net Income up 25% yoy, €839 mln
Healthy Balance Sheet with Net Cash Position of €600 mln
Continuous progress on the strategic investment plan with Capex of €493 mln

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

“We are pleased to see that our strategy continued to deliver above-market performance, notwithstanding the challenging environment. This success underscores the enduring relevance of our brands, which comes from an unwavering focus on product innovation, quality, craftmanship and a unique ability to read contemporaneity. Drawing on multi-year investment initiatives across industrial capacity and know-how, our manufacturing platform and our people continue to be a differentiator in an ever-evolving sector that demands quality, agility and efficiency. Furthermore, a strong link with culture and creative dynamism are distinctive elements of this Group and allow us to broaden boundaries, as evidenced by the participation to the 37^th Americas Cup and the partnership to design the new NASA’s spacesuit. Our Group and its organisation have strengthened over the past years and notwithstanding the uncertainties around us, we have entered 2025 with confidence continuing to work and invest for long-term sustainable growth.”

Andrea Guerra, Group Chief Executive Officer, added:

“We ended 2024 with very positive results across our brands, marking four consecutive years of double-digit, like-for-like growth, coupled with margin expansion and cash generation, resulting in a very sound balance sheet. We continued to make progress in terms of brand desirability, retail productivity and strength of our organisation, with disciplined and rigorous execution across the board. Over the year, Prada confirmed its solid growth trajectory and Miu Miu reached a whole new level of visibility and scale, driven by a well-diversified total look offering. Looking forward, while being mindful that the complex industry dynamics are likely to persist, our priorities remain unchanged. At Prada, we have a clear opportunity to continue to drive market share, while at Miu Miu we shall consolidate its success; to do that, we will continue to sharpen the positioning of our brands, to enrich product portfolios and to foster customer engagement. Our investments across retail, industrial capabilities and technology will continue to support our growth and the organisation in its evolutionary journey. For the year ahead, we retain our ambition to deliver solid, sustainable, and above-market growth.”

Key figures

High desirability for Prada and Miu Miu

Prada continued to carve the cultural landscape leveraging its distinctive identity and polyhedric DNA. The creative dialogue translated once again into acclaimed menswear and womenswear fashion shows. The consistent like-for-like growth trajectory was supported by a well-balanced category mix. Leather Goods offering was further enriched, with very good reception of newness and ongoing celebration of icons, while creative dynamism continued to generate high appreciation of Ready-To-Wear collections. Signature events and collaborations fostered the brand's multifaceted universe, highlighting its cultural relevance; unconventional activations in exclusive venues further elevated the customer experience worldwide and enriched the brand’s narrative.

Miu Miu’s subversive aesthetics continued to captivate the audience and kept the brand in the spotlight, cementing its positioning. Its immediate, instinctive and irreverent creativity drove a widespread appreciation across all categories and regions; new and ongoing exclusive collaborations continued to resonate and reach new audiences. Miu Miu’s deep connection with culture resulted in artistic collaborations and special events that fueled contemporary debate with a distinctive voice to be reckoned with. The brand's fashion shows increasingly featured crossovers with various artistic disciplines, offering a new layer of reflection on contemporary society.

High quality Retail Sales growth throughout the period (growth percentage at constant currency)

The Retail channel delivered +18% yoy growth, driven by like-for-like, full price volumes, with a consistent and strong Q4 performance of +18% yoy.

Retail Sales of the Prada brand increased by +4% yoy in the period, including a solid Q4 at +4% yoy, accelerating vs. Q3 and sustained by all categories.

Miu Miu’s remarkable organic growth, +93% yoy, was supported by all categories and regions, ending the year with an excellent Q4 at +84% yoy.

Retail Sales by geography

Asia Pacific saw a good performance over the year, at +13%, despite the challenging market conditions in the region and improving in Q4 across all main areas.

Europe grew +18% over the year, supported by both domestic and tourist spending.

The Americas progressed positively throughout the year, at +9%, entering in double-digit territory in H2.

Japan was the best performing region in 2024 with growth of +46%, with remarkably solid domestic demand, but also very positive touristic flows. Q4 continued to register high growth.

Middle East also achieved a solid performance throughout the year, at +26%, fueled by both domestic demand and tourist spending.

ESG

The Group continued to execute on its sustainability strategy across all pillars: Planet, People and Culture.

Work on climate change remains a key focus for the Group, with progress being made in reducing GHG emissions. The scope of the work expanded during the year to include understanding the impact of the Group's procurement on the key dimensions of biodiversity.

The Group’s purpose to be Drivers of Change drove the People agenda, with a very strong focus on inclusion and equality, achieving 46% female representation in top and senior management positions and defining a new global parental policy to also promote work-life balance.

The Culture pillar continues to be distinctive for the Group, which reaffirmed its strong commitment to water conservation with the funding and multiple activities in support of the SEA BEYOND project.

2024 dividend

The Board of Directors will propose to the Shareholders’ General Meeting, convened for April 30^th, 2025, a dividend distribution of € 0.164 per share.

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