Prada Group announced net revenues for the first nine months of the year increased 12 percent to EUR 3.34 billion (USD 3.53 billion), despite a slowdown in sales growth during the third quarter.
The owner of the Prada, Miu Miu, and Church’s brands reported a 10 percent rise in third-quarter revenues, on the back of a strong performance in Asia and Europe, offsetting weakness in the Americas.
By region, Prada said its Asia Pacific market “progressed well” over the first nine months of 2023, up 21 percent, “on a volatile basis of comparison, which saw significant disruption in Q2 and Q4 2022,” the Italian firm said in a press release.
Meanwhile, Japan remained the best performing region during the nine-month period, seeing growth of 47 percent, largely driven by local demand.
Globally, the group’s clothing retail sales saw a 32 percent increase, footwear had a 16 percent rise, and leather goods increased by 8 percent.
“In the third quarter, Prada remained on a sound growth trajectory, driven by solid full price like-for-like sales. Miu Miu continued to deliver a strong performance across all geographies and categories,” said Andrea Guerra, group chief executive officer.
“In an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands, positioning us well for Q4 and vis-à-vis our ambition to deliver solid, sustainable, and above-market growth in 2023.”
The nine-month sales update comes three months after Prada posted a whopping 20 percent increase for the first half of 2023, with Prada Asia Pacific registering a surging 36 percent uptick in revenues, as reported back in July.
The recent update from the luxury group confirms a slowdown in sales growth for the most recent third quarter ending September 30, and is indicative of a global luxury slowdown trend being seen industry-wide.
In October, rival firms Kering and LVMH also reported a slowdown in total sales for the third quarter ending September 30.