Prada he doesn’t know what it is the crisis. In the first quarter 2024 the revenues of the Italian luxury group were 1.187 billion eurosgrowing by 16% at constant exchange rates. The brand Miu Miu takes off with retail sales increased by 89%. Good too the Prada brand (+7%). Just as he scores a beneficial turnaround for the Church’s brand: +22%. Thanks to the volumes of full-price items, the retail sales of the group rise by 18%. Only them Americas recorded a single-digit increase in sales (+5%). L’Asia-Pacific recorded a +16%. Here are the comments from Patrizio Bertelli And Andrea Guerra.
Don’t talk about a crisis in Prada
“The group continues its journey strategic development pathwith investments aimed at achieving long-term and sustainable growth” begins the president of Prada, Patrizio Bertelli. “Performance in the first quarter was solid, in a more challenging market environment. We have to maintain flexibility and agility necessary to cope with constantly evolving sector dynamics”. Bertelli is echoed by Andrea Guerra, CEO of the group. “Prada has achieved solid growth and higher than the market average, despite the basis of comparison being very challenging. Miu Miu’s performance is the result of an effective strategy and disciplined execution”.
Miu Miu takes off
The group underlines the leading role of leather goods, which drove both Prada and Miu Miu. “The introduction of novelty in leather goods, such as the Buckle Bag, it has contributed to enriching the brand’s offering” writes the Italian luxury company. For the Miu Miu brand “leather goods continued to receive very positive feedback from customers, thanks to the new lines (Ivy and Softy) and at icons (Arcadie and Wander)”. The overall turnover of the Prada group (1.187 billion euros) was slightly above consensus of 1.14 billion euros cited by analysts, defying a slowdown in the luxury sector (source Reuters). (mv)
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: Miu Miu takes off with +89% – LaConceria){kind=link}