admin Prada’s first half net revenues of 2,232 million euros, increased 20 percent with retail sales of 1,975 million euros, up 21 percent, driven by like-for-like full price sales.
Commenting on the company’s performance, Patrizio Bertelli, Prada Group chairman and executive director, said: “The semester ends with solid results for the Prada Group, thanks to the desirability of its brands and to disciplined execution. Our globally balanced distribution allows us to capture growth despite ever-evolving industry demand dynamics. We are pleased with the quality of Prada’s continued growth and with the remarkable performance of Miu Miu.”
Prada Group improves profitability
The company said in a statement that Prada brand revenues increased 18 percent and Miu Miu increased 50 percent. The company’s rebound in Asia Pacific continued, with retail sales up 25 percent; Europe rose 24 percent; Americas declined 1 percent; while Japan increased 49 percent; and Middle East 14 percent.
Prada reported double-digit growth across all product categories. Leather goods segment improved sales by 12 percent, ready-to-wear 36 percent, and footwear 20 percent.
The company also continued profitability improvement with EBIT margin of 22 percent and EBIT of 491 million euros.
Prada and Miu Miu latest collections receive positive response
The company added that Prada menswear FW23 and SS24 as well as Prada womenswear FW23 fashion shows confirmed excellent reception by all audiences. “The Glass Age” campaign celebrated the iconic Prada Galleria bag. In the second quarter, Prada and Adidas unveiled the “Adidas Football for Prada” collection. Throughout the semester the brand launched a number of activations, including dedicated events for the Eternal Gold fine jewellery collection, Prada Extends in Bangkok, Prada Mode in Tokyo, and the opening of the Prada Caffè at Harrods.
Miu Miu’s standout performance, the company said, was supported by the successful FW23 fashion show, the launch of the SS23 campaign with exceptional personalities, and continued investment to amplify brand awareness to a growing client base. Prada further said that the “Matelassé” leather and its dedicated campaigns resonated strongly, as demonstrated by the success of Wander and recently launched Arcadie bags.
The company also completed 70 renovation projects in the semester, instrumental to elevate the client experience in store and to increase productivity.
“We are still at the beginning of our strategic journey: we need to act with a long-term perspective, continuing to invest behind our brands, maintaining maximum focus on retail execution and productivity. For the current year, we retain our ambition to deliver solid, sustainable and above-market growth, considering a more challenging comp base in Q3, and some Covid restrictions during Q4 2022,” added Andrea Guerra, Prada Group chief executive officer.
