The Prada Group has announced a significant rise in its first-quarter revenues, propelled by an exceptional performance from its Miu Miu brand, which saw retail sales skyrocket by 89 percent. The group’s flagship brand, Prada, also reported growth with a 7 percent increase in retail sales. Overall, the group’s net revenues climbed to €1.19 billion ($1.27 billion), marking a 16 percent increase year-on-year.
Prada Group’s chairman and executive director, Patrizio Bertelli, highlighted the company’s strategic achievements, noting, “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, leveraging the strength of our reinforced organization and the talent of our people.”
Miu Miu’s remarkable sales increase follows a trend that began in 2021 when the brand, under the guidance of designer and controlling shareholder Miuccia Prada, began to revitalize its offerings with social-media-friendly runway stylings. The brand’s refreshed approach, including viral fashion trends and revamped handbag collections, has resonated powerfully with a new generation of consumers, setting it apart in a slowing luxury market. In contrast, sector leader LVMH reported a modest 2 percent increase in its fashion and leather division, while Kering faced a 10 percent decline.
Despite a broader industry trend of waning interest in logo-heavy products and resistance to price increases, the Prada brand itself managed a 7 percent growth in retail sales. This resilience is evident in the brand’s pricing strategy; for instance, a triangle-logo bucket hat now retails for $695, up from $340 in 2019, yet continues to attract consumer spending.
Group retail sales were up 12 percent to 1.07 billion euros, driven by consistent full-price sales and like-for-like volume growth. Wholesale revenues experienced a slight decrease of 1 percent to 90 million euros.
In addition to financial growth, the group also emphasized its community engagement efforts, particularly through Miu Miu’s consolidated event formats like the Miu Miu Women’s Tales. A notable initiative was the introduction of the “Writing Life” literary club during the Salone del Mobile in Milan, which focused on celebrating the work of late Italian writers and poets, enhancing the brand’s cultural outreach.
Geographically, all markets showed positive trends in retail sales. The Asia-Pacific region grew by 10 percent to 396 million euros, Europe increased by 14 percent to 295 million euros, fueled by both local and tourist spending, and the Americas saw a 4 percent rise to 181 million euros. Japan and the Middle East also posted strong gains, with sales in Japan surging 29 percent to 145 million euros and the Middle East rising 15 percent to 54 million euros. At constant exchange rates, sales in Japan saw an impressive 46 percent increase.
This robust quarter underscores the Prada Group’s successful navigation of a complex global market, marked by strategic brand positioning and effective consumer engagement.