MILAN – Model momentum stays robust for Prada and Miu Miu.
Within the first 9 months of the 12 months, mum or dad Prada Group’s revenues elevated 12 p.c, reaching 3.34 billion euros in contrast with 2.97 billion euros in the identical interval final 12 months. At fixed alternate charges, gross sales grew 17 p.c.
“Our technique delivered stable development within the first 9 months of 2023, together with within the third quarter, however the very difficult foundation of comparability,” mentioned Patrizio Bertelli, Prada Group chairman and government director. “The group continued to consolidate its manufacturers’ desirability and accelerated investments as deliberate. Trying forward, we’re targeted on enhancing innovation and dynamism, drawing on the energy of our bolstered group, and on retaining the pliability that characterizes our group.”
Within the 9 months ended Sept. 30, retail gross sales rose 12 p.c to 2.97 billion euros and the wholesale channel reported a 4 p.c acquire to 291 million euros. Within the third quarter, wholesale was up 10 p.c on a really difficult foundation of comparability, which noticed a 32 p.c acquire in the identical interval final 12 months. Progress continued to be supported by each common value and full value volumes.
Within the 9 months and at fixed alternate charges, retail gross sales of the Prada model elevated by 13 p.c whereas these of Miu Miu climbed 49 p.c.
Royalties soared 67 p.c to 73 million euros.
“Within the third quarter, Prada remained on a sound development trajectory, pushed by stable full value like-for-like gross sales,” mentioned Andrea Guerra, chief government officer of the group. “Miu Miu continued to ship a robust efficiency throughout all geographies and classes. In an unsure geopolitical and financial backdrop that requires us to remain vigilant, we proceed to see constructive momentum within the enterprise and powerful pleasure round our manufacturers, positioning us effectively for This fall and vis-à-vis our ambition to ship stable, sustainable, and above-market development in 2023.”
Asia Pacific progressed effectively over the primary 9 months of 2023, reporting a 15 p.c enhance in retail revenues to 1.04 billion euros, or a 21 p.c acquire at fixed alternate charges, on a unstable foundation of comparability, which noticed important disruption within the second and fourth quarters final 12 months.
Gross sales in Europe elevated 13 p.c to 941 million euros because of native and vacationer demand regardless of a really difficult foundation of comparability. “The efficiency within the third quarter remained constructive, with stable underlying demand, albeit with extra average year-on-year development, as anticipated,” mentioned the group in an announcement on Tuesday.
Revenues within the Americas had been down 3 p.c to 536 million euros with “a gentle sequential enchancment” within the third quarter in contrast with the second quarter.
Japan remained the most effective performing area seeing sustained development all through the interval, with gross sales gaining 34 p.c to 334 million euros, largely pushed by native demand. At fixed alternate charges revenues rose 47 p.c in that market.
The Center East delivered a stable efficiency, exhibiting a ten p.c enhance to 125 million euros.