Prada Group reported a 16 percent uptick in revenues to EUR 1.2 billion for the first quarter, thanks to surging sales gains in the Miu Miu brand and the Japanese market.
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Retail sales were up 18 percent to EUR 1.2 billion, while wholesale revenues slipped 1 percent.
By region, the Italian luxury group clocked a solid performance in Asia Pacific up 16 percent to EUR 396 million, while Japan continued to register the highest growth in the quarter, up 46 percent to EUR 145 million, sustained by local consumption and increasingly by tourists.
By brand, Prada sales grew 7 percent, while Miu Miu sales surged, up 89 percent year-on-year.
“Prada Group had a positive start to the year. 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 Andrea Guerra, Prada Group chief executive officer.
“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.”
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The quarterly earnings update comes after strong sales year for the luxury group last year. In 2023, Prada Group reported annual revenues of EUR 4.7 billion, up 17 percent, fuelled by growth in both Prada and Miu Miu brands, and gains in the Asia-Pacific region, especially Japan.