Prada Group new luxury hare: revenues up 18% in the first nine months of 2024

Faster - or we could say, for once in its own right - more resilient than any other listed high-end company: in the first nine months, the Prada group grew by 18% at constant exchange rates (+15% at current exchange rates) to EUR 3.829 billion. Identical pace for the retail sales of the group's four brands (Prada, Miu Miu, Church's and Car Shoes), which reached 3.425 billion, +18% year-on-year. Considering the slowdown experienced in the third quarter also by those who had grown in the first quarter (it happened, just to mention the figures announced in recent days, to the Zegna group and the Moncler group), the "trajectory of like-for-like growth in the third quarter 2024", as it is defined in the note just released, is also striking, with growth of 18%, "despite the challenging market context".

Prada outperformed the market average, with retail sales up 4% year on year, and Miu Miu's growth was exponential, effectively doubling its retail sales (+97% year on year). As for geographies, the Prada Group, listed in Hong Kong, recorded double-digit growth in Asia Pacific, Europe, Japan and the Middle East, and a further slight sequential improvement in the Americas.

Patrizio Bertelli, President and CEO of the Prada Group, is satisfied: 'Our strategy continues to generate results above the market average, both for Prada and Miu Miu. We are operating in a challenging industry environment, for the entire supply chain. Despite this, we continue to see development opportunities for our brands, and we remain committed to retail, technology and industrial investments to support the sustainable, long-term growth of our Group and our partners." For Andrea Guerra, Group CEO, "the year continues with another quarter of like-for-like and high-quality growth, further supporting the positive trajectory of revenues and margins. Consistent identity, creativity and incisive positioning underpin the desirability and relevance of our brands. Prada recorded a solid performance, demonstrating resilience against market turbulence, and Miu Miu maintained its strong growth trajectory. Despite the challenging environment, we are confident in our ability to deal with the complexities of the industry and confirm our ambition to generate solid, sustainable and above-market growth."

"Prada's desirability has continued to benefit from the consistency of the brand's creative identity and multifaceted soul," reads the note released after the market closed in Hong Kong. "Luna Rossa Prada Pirelli's participation in the 37th America's Cup generated strong enthusiasm and visibility, consolidating the brand's cultural relevance and further strengthening its heritage in high performance sportswear. The recent presentation of the space suit developed in collaboration with Axiom Space was further testimony of Prada's ability to broaden its horizons by merging creativity and technological expertise". As for the 'super hare' Miu Miu, the group explains that the brand 'continued to benefit from its incisive positioning, built on a strong and distinctive identity. The brand has stimulated cultural debate with contaminations between fashion, cinema and art, fuelling dialogue with its community on a global level. The immersive project Miu Miu Tales & Tellers, presented within the Art Basel Paris exhibition, underlined the brand's ability to explore different artistic disciplines. Creativity and impactful communication supported a performance well above the market average, generating excellent feedback in all product categories and geographic areas".