Miu Miu drives “exceptional momentum” at Prada Group

The Prada Group, which owns luxury fashion houses Miu Miu and Prada, has revealed 'very positive' Q4 financial results and delivered on expectations for the full-year ending 31 December 2023.

The group's net revenues reached £4 billion (€4.7 billion), up 17% year-on-year, fuelled by "high desirability" for both Prada and Miu Miu.

Retail sales were up by 17% to £3.6 billion (€4.2 billion) and net income was up by 44% to £571 million (€671 million).

In terms of brands, Prada's retail sales increased by 12% year-on-year, including "solid growth" in Q4 (up by 10%) across all categories. Meanwhile, Miu Miu’s "excellent" full-year growth saw sales up by 58% in all categories and regions. It ended the year with "remarkable" growth, up by 82% year-on-year in the fourth quarter.

Geographically, sales were strongest in Japan (up by 44%), with Europe reporting a sales increase of 14% over the year.

Patrizio Bertelli, Chairman and Executive Director at Prada Group, said: "We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability. The Group delivered high-quality growth in revenue and profits, building on outstanding creative momentum, further improving its profitability, and stepping up investments to support the growth of tomorrow."

"Innovation, dynamism, and flexibility will be even more key to our success in 2024, and I am confident that our reinforced organisation will be able to further evolve the Group."

Andrea Guerra, CEO of Prada Group, added: "We have successfully delivered on our ambitions in 2023, with excellent performance achieved consistently through the year.

"Looking ahead, we are mindful of this high comparison base as well as persisting macro and geopolitical uncertainties. Against this backdrop, our priority for 2024 remains to drive brand desirability and retail excellence further."