Luxury fashion house Prada announced a significant boost in revenue for the first nine months of the year. The company experienced growth across all product categories and most markets, resulting in a net revenue of 3.34 billion euros ($3.55 billion). This represents a 17% increase at constant exchange rates.
Strong Performance in Retail and Wholesale Channels
Prada’s retail channel, which makes the largest contribution to total figures, saw an impressive 17% growth. This can be attributed to favorable average prices and increased full-price volumes. The wholesale channel also experienced growth, albeit at a slightly lower rate of 6%.
Global Expansion and Market Success
With the exception of the Americas, where there was a slight decline of 1%, Prada witnessed double-digit growth in most markets. The standout performer was Japan, with an extraordinary 47% increase fueled by strong local demand.
Prada and Miu Miu Brand Successes
The retail sales of the Prada brand surged by 13%, buoyed by the successful launch of their beauty makeup and skincare lines in the third quarter. The Miu Miu brand saw even more remarkable growth, with retail sales skyrocketing by an impressive 49%, spanning across all categories.
Confronting Challenges with Confidence
Despite the positive momentum, Chief Executive Andrea Guerra remains cautious due to the uncertain geopolitical and economic landscape. Nonetheless, Prada is confident in its ability to deliver above-market growth this year by staying vigilant and adaptable.
This positive report from Prada stands in contrast to concerns raised about a potential slowdown in the luxury industry as reported by LVMH Moet Hennessy Louis Vuitton. Hugo Boss will release its third-quarter results on Thursday, and Compagnie Financiere Richemont is set to post first-half figures on Nov. 10.
