Oct 31, 2023
The Italian luxury goods group Prada witnessed a 12% increase in revenues during the first nine months of the year, primarily driven by strong sales in Asia and Europe, its top two markets.
The luxury brand’s total revenue reached €3.34 billion, supported by a 17% growth in retail sales at constant exchange rates, according to a statement released on Tuesday.
Clothing retail sales saw a 32% increase, footwear had a 16% rise, and leather goods increased by 8%.
Prada, the luxury brand, “maintained a strong growth trajectory in the third quarter, supported by full-price sales,” said the company’s CEO, Andrea Guerra.
Miu Miu, Prada’s rebellious younger sibling targeting a younger customer base, “once again delivered an excellent performance in all geographical areas and product categories,” he added.
In the Asia-Pacific region, which is not only Prada’s primary market but also where it is listed on the Hong Kong Stock Exchange, retail sales witnessed a robust 15% surge, reaching €1.04 billion over the course of nine months.
The best performance came from Japan, with retail sales surging by 34% to €334 million, primarily driven by local demand.
In Europe, sales grew by 13% to €941 million, benefiting from “strong local demand and tourist flows”.
The only setback was in the American market, which saw sales decline by 3% to €536 million.
Former Luxottica executive Andrea Guerra, 58, took over as Prada’s CEO in January.
Guerra will oversee the transitional period until the official appointment of Lorenzo Bertelli, the 35-year-old eldest son of chairman and CEO, Patrizio Bertelli, and designer Miuccia Prada. Lorenzo Bertelli is set to assume leadership of the group.
Copyright © 2023 AFP. All rights reserved. All information displayed in this section (dispatches, photographs, logos) are protected by intellectual property rights owned by Agence France-Presse. As a consequence you may not copy, reproduce, modify, transmit, publish, display or in any way commercially exploit any of the contents of this section without the prior written consent of Agence France-Presses.