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Miu Miu, Japan star-performers at Prada Group for 2023 as sales lift 17 percent

Prada Group reported annual revenues of EUR 4.7 billion in 2023, up 17 percent, fuelled by growth in both Prada and Miu Miu brands, and gains in the Asia-Pacific region, especially Japan.

SEE ALSO: Prada Group inks new joint venture in the Philippines

By brand, retail sales of the Prada brand increased by 12 percent during 2023, on the back of solid growth of 10 percent in the fourth quarter. Miu Miu retails soared 58 percent for the year, supported by all categories and regions, ending the year with skyrocketing 84 percent sales growth in the fourth quarter.

By region, Asia Pacific saw strong growth over the year, up 24 percent, helped by the volatile basis of comparison in 2022, which was adversely impacted by multiple lockdowns in China at the time.

However, Japan was the best performing region in 2023 with growth of 44 percent, driven primarily by local clients, and with increasing presence of tourists.

During the last quarter, Prada Group inked a new joint venture for the Philippines with luxury distributor SSI Group, through its subsidiary Stores Specialists, and took its ‘Pradasphere II’ exhibition to Shanghai on December 7.

As a result of the stellar sales performance, Prada Group net income rose 44 percent in 2023, to EUR 671 million.

“We have successfully delivered on our ambitions in 2023, with excellent performance achieved consistently through the year, as brand desirability grows stronger fuelled by a combination of product, communication, and retail initiatives,” said Andrea Guerra, group chief executive officer.

“Retail productivity and profitability improved for the third consecutive year, thanks to once again strong double-digit, like-for-like growth.”

Following the most recent earnings updates from international firms, 2023 has proven pilorising for the luxury industry, with main players LVMH, Hermès, and Tod’s, and now Prada, revealing solid sales growth for the year.

Meanwhile, rivals Kering and Burberry announced a drop in sales for the same period, citing a softening in demand for their respective luxury wares during the twelve months.