The Prada Group has reported a 22 percent increase in revenue for the first quarter of 2023, driven by the popularity of both the Prada and Miu Miu brands.
“Prada Group has had a positive start to the year. Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific. Our priority for the year remains increasing store productivity, focusing on retail execution. Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure for the growth of tomorrow. The ever-evolving macro and market backdrop requires us to be vigilant, but we see benefits in accelerating these investments, if conditions remain supportive,” said Andrea Guerra, Group Chief Executive Officer of Prada.
In the first quarter of 2023, the Prada Group posted a net revenue increase of 22 percent, as compared to the same period of last year, reaching 1.07 billion euros. Furthermore, Prada's retail channel recorded a sales growth of 23 percent to 953 million euros, year-over-year.
Despite the uncertain economic environment, Prada brand's retail sales were up by 21 percent at constant exchange rates, while Miu Miu's retail sales rose by 42 percent in this period, on a comparable basis to the same period of the prior year.
The group's retail sales grew by 22 percent in this period, led by China's return to growth at the end of 2022, bolstered by a solid performance in Southeast Asia, and a 55 percent increase in Japan on a comparable basis to the first quarter of last year.
In Europe, Prada's group retail sales were up by 28 percent, driven by tourism and local consumption. Meanwhile, growth in America remained moderate in the first quarter of 2023, at 5 percent year-over-year, and the Middle East registered a growth of 15 percent, a slight decline to that of the last quarter.
At a group level, in the first fiscal quarter of 2023, the leather goods segment grew by 14 percent at constant exchange rates, the ready-to-wear segment by 38 percent, and the footwear segment by 20 percent, compared to a similar period of the previous year.
