Italian luxury fashion powerhouse Prada has witnessed an impressive 12% surge in revenues during the initial nine months of this year, primarily attributed to robust sales in its two key markets, Asia and Europe.
The esteemed luxury brand’s total revenue soared to €3.34 billion, buoyed by a substantial 17% growth in retail sales at constant exchange rates, according to an official statement released recently.
Various categories displayed notable sales growth, with clothing retail sales skyrocketing by 32%, footwear sales increasing by 16%, and leather goods enjoying an 8% rise.
Andrea Guerra, Prada’s CEO, expressed that the company «maintained a strong growth trajectory in the third quarter, with robust full-price sales.» Miu Miu, Prada’s brand targeting a younger and more diverse customer base, delivered exceptional performance in diverse geographical regions and across various product categories.
In the Asia-Pacific region, Prada’s primary market and the location of its listing on the Hong Kong Stock Exchange, retail sales experienced a formidable 15% surge, amounting to €1.04 billion throughout the nine-month period.
Notably, Japan exhibited the most significant growth, with retail sales surging by a remarkable 34% to €334 million, primarily driven by local demand.
In Europe, sales expanded by a notable 13% to €941 million, underpinned by strong local demand and favorable tourist flows.
The only market that faced challenges was the Americas, where sales dipped by 3% to €536 million.
Andrea Guerra, who previously served as an executive at Luxottica, took over as Prada’s CEO in January. He will continue to lead the company during the transitional period until the official appointment of Lorenzo Bertelli, the 35-year-old eldest son of chairman and CEO Patrizio Bertelli and renowned designer Miuccia Prada, who is poised to assume leadership of the group.
