Prada reports strong start to 2024 with 18% growth in retail sales

Prada kicked off the year with robust first-quarter results, with retail sales reaching €1.071 billion. This growth was part of an overall 16% increase in net revenues, reaching €1.187 billion, as reviewed by the Prada Group's Board of Directors for the quarter ending March 31, 2024. The luxury fashion house attributes this growth to its dynamic brand identity and creative offerings, with substantial progress noted globally. Particularly, Miu Miu experienced a surge in sales by 89%, reflecting the strength of its recent strategies.

Regionally, the Group experienced significant growth, with a 16% rise in sales in Asia Pacific, an 18% increase in Europe, and a remarkable 46% growth in Japan, emphasizing the global appeal of its brands. Andrea Guerra, CEO of the Group, stated: “Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years. We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands’ desirability.”

Patrizio Bertelli, Group Chairman, and Executive Director commented on the strategic direction: “Our Group continues to make strategic progress as we invest for long-term, sustainable growth. Over the first quarter, we delivered a solid performance in a more challenging market environment. In this context, we have to maintain flexibility and agility to respond to constantly evolving industry dynamics while continuing to innovate and invest across our business.”

New product launches, such as the 'Prada Buckle Bag' presented at the Spring-Summer 2024 show, contribute significantly to Prada's success. Miu Miu's successful collaborations with Church's, a British brand renowned for its luxury handmade shoes, and New Balance, an American brand known for its sports footwear, particularly running sneakers and athletic wear, are also key elements of this strategy. These initiatives not only reinforce the brand's desirability but also demonstrate the company's commitment to sustainable growth and creative innovation.

Prada Group remains committed to its sustainable initiatives, particularly through the expansion of the Prada Re-Nylon collection. The group joined the Fashion Task Force, the Sustainable Market Initiative launched by King Charles III of England, to contribute its expertise in responsibility and traceability. As the company maintains its robust growth, it remains dedicated to enhancing transparency and fostering interaction with its global clientele through high-profile fashion shows and targeted campaigns.