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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.

Prada – Spring/Summer 2024 – Womenswear – Milan – © Launchmetrics

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.

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