MILAN, April 24 (Reuters) – Revenues at Italian luxury
group Prada rose 16% at constant exchange
rates in the first quarter, driven by a jump in Miu Miu sales
and continued growth in Asia.
The family-owned company posted on Wednesday sales of 1.19
billion euros ($1.27 billion), slightly above a 1.14 billion
euros consensus cited by analysts, defying a slowdown across the
luxury sector.
Europe and Asia Pacific, and in particular Japan, where
sales were boosted by tourists, drove the sales growth, while
the Americas lagged.
Among the brands, flagship label Prada’s retail sales grew
by 7% in the January-March period, while Miu Miu, which
accounts for around 15% of total sales, posted an 89% increase.
“Over the first quarter, we delivered a solid performance in
a more challenging market environment”, Prada Group Chairman
Patrizio Bertelli said in a statement.
“While the industry is experiencing new dynamics, we retain
our ambition to deliver solid, sustainable and above market
growth,” Chief Executive Andrea Guerra said.
French luxury group Kering said on Tuesday it
expected a 40% to 45% plunge in first-half operating profit,
after first-quarter sales declined. LVMH’s sales
slowed down in the first quarter, with only 3% growth.
($1 = 0.9356 euros)
(Reporting by Elisa Anzolin, editing by Cristina Carlevaro and
Barbara Lewis)