The Italian luxury group Prada, which owns the Prada and Miu Miu brands, reported a 22% increase in revenues in the first quarter of 2023, reaching 1.06 billion euros ($1.17 billion). This is the first time that Prada has generated quarterly sales of more than 1 billion euros, demonstrating its strong performance and resilience amid the global pandemic.
The growth was driven by a rebound in China and sustained growth in Europe, where retail sales rose by 28% at constant exchange rates. In the Asia Pacific region, excluding Japan, retail revenues grew by 22% in the period. The group said China showed an acceleration towards the end of the quarter support by an easier comparison basis.
The Prada increased its retail sales by 21% at constant exchange rates to 813 million euros, representing 85% of the total. Miu Miu accelerated, climbing 42% to 129 million euros. The group also saw a 52% increase in royalties to 21 million euros, driven by the eyewear and fragrance licenses.
The group’s new Chief Executive Andrea Guerra, who took over from Patrizio Bertelli in January, said he was “happy with the April numbers” and the group’s strategic priorities were clear. He added that the group’s priority for the year remains increasing store productivity, focusing on retail execution.
Prada Group is one of the leading players in the luxury sector, with more than 600 stores worldwide. The group also owns the Church’s and Car Show Brands, as well as several production facilities in Italy. The group is listed on the Hong Kong Stock Exchange since 2011.
