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Prada Group’s sales growth outpaced most of its luxury rivals in the first quarter, driven by the continued success of Miu Miu, a focus on trading at full-price and a stronger performance in the APAC region.
Group sales grew at constant currency 16 per cent year-on-year to €1.187 billion in the three months to 31 March 2024.
Miu Miu, led by Miuccia Prada, has been spiking in popularity since 2022, gaining attention for setting trends like ballet flats, panties over tights, and the low-rise ultra-mini skirt. The brand’s retail sales grew 89 per cent year-on-year in the first quarter. It now makes up over a quarter of the group’s revenues, according to investment management firm Bernstein. The Prada brand’s retail sales grew 7 per cent. Miu Miu topped Lyst’s Q1 index, while Prada placed second.
“During the first quarter Prada experienced solid and above-market growth against a high quarterly basis of comparison; Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years,” said group CEO Andrea Guerra in a statement. “We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands’ desirability. Sharpness of positioning, creativity and communication will be critical this year; while the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above-market growth.”
The group — which also owns Church’s, Car Shoe, Pasticceria Marchesi and Luna Rossa — has seen significantly stronger results than the rest of the market this quarter, amid a luxury slowdown. Brunello Cucinelli also outpaced the market, growing 16.5 per cent at current exchange rates (17.9 per cent at constant exchange rates). LVMH’s fashion division grew by 2 per cent on an organic basis in Q1, Valentino’s sales dropped 3 per cent, Zegna Group’s sales declined 5.3 per cent, while Kering’s sales fell 10 per cent. Prada’s pace of growth is also stable: in 2023, sales grew 17 per cent. Moncler will report its first-quarter earnings after markets close today; Hermès will report on Thursday.