Prada Group Gains 13% in Q1 as Miu Miu Surges
MILAN — The difficult current scenario did not thwart Prada Group's sales growth in the first three months of the year.
In the period ended March 31, revenues rose 13 percent to 1.34 billion euros, compared with 1.19 billion euros in the first quarter last year. A 60 percent jump in Miu Miu sales, gains across all the group's markets and a strong retail performance contributed to the increase.
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'We are pleased with another quarter of solid performance. In an increasingly turbulent and uncertain landscape, we continued to execute with confidence and discipline, leveraging creativity and the strength of our organization,' said Patrizio Bertelli, Prada Group chairman and executive director. 'The current environment requires us to be agile and flexible; at the same time, we believe it is essential to continue to invest with a long-term mindset, preserving and developing craftsmanship and know-how, supporting our partners and strengthening our infrastructure.'
Retail sales rose 13 percent to 1.21 billion euros, driven by like-for-like, full-price sales.
Wholesale revenues were up 7 percent to 96 million euros and royalties grew 15 percent to 29 million euros.
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Prada's retail sales remained stable, 'a resilient performance against the highest quarterly comps of 2024,' the company said in a release issued on Wednesday. Miu Miu sales climbed 60 percent at constant exchange rates, showing strength across categories and regions.
'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,' said Andrea Guerra, group chief executive officer. 'Notwithstanding the headwinds, Miu Miu confirmed a remarkable growth trajectory. Looking ahead, our strategy remains centered 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.'
The group said Prada's resilience lay in 'a well-balanced product category mix,' led by 'solid traction' of apparel and the 'continuous enrichment' of leather goods. It cited the opening in the quarter of Prada's first standalone dining space in Asia at Rong Zhai, its restored historical mansion and art space in downtown Shanghai, conceived by renowned arthouse director Wong Kar Wai, and the opening of Prada Caffè in Singapore. Prada also unveiled a menswear store on New York's Fifth Avenue.
At Miu Miu, leather goods remained the fastest-growing category, supported by the spring 2025 campaign celebrating the brand's signature Matelassé line. Among the highlights of the quarter, the group mentioned the launch of Miu Miu Gymnasium sport-inspired pop-ups and the unveiling of the Miu Miu Custom Studio project. In February, Silvia Onofri joined Miu Miu from Napapijri, under the VF Corp. umbrella, as its new chief executive officer.
Group sales in Asia-Pacific increased 10 percent to 438 million euros, despite a challenging comparison base and broadly unchanged market conditions in the region.
Europe was up 13 percent to 334 million euros, lifted by both domestic and tourist spending.
Sales in the Americas rose 11 percent to 201 million euros, despite increased volatility during the period, and boosted by local demand.
Japan continued to grow and sales in the region were up 19 percent to 172 million euros, although the increase showed progressive moderation and is expected to continue.
The Middle East ended the quarter as the best-performing region, with retail sales up 31 percent to 70 million euros.
On April 10, the group said it is acquiring Versace from Capri Holdings for 1.25 billion euros, with the closing expected in the second half of 2025 upon regulatory approvals.
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