Miu Miu’s 93% growth boosts Prada Group’s ‘above-market performance’

The Prada Group, which owns Prada and Miu Miu, has defied the luxury slump, reporting net revenues were up by 17% to £4.5 billion (€5.4 billion) for the full year ending 31 December 2024.

The group’s retail sales were up by 18% to £4 billion (€4.8 billion), citing "enduring brand relevance and disciplined execution" as the reasons for its positive revenue trajectory.

Miu Miu’s subversive aesthetics continued to captivate shoppers, keeping it on the top of wishlists. In fact, it saw a ‘record year’ retail growth of 93%. Prada’s retail sales were up by 4% for the period.

In terms of geography, the Prada Group reported double-digit growth in Asia Pacific, Europe, Japan and the Middle East. Overall, the group’s net income was up 25% to £699 million (€839 million).

Patrizio Bertelli, Prada Group Chairman and Executive Director, said: "We are pleased to see that our strategy continued to deliver above-market performance, notwithstanding the challenging environment.

"Our Group and its organisation have strengthened over the past years, and not withstanding the uncertainties around us, we have entered 2025 with confidence, continuing to work and invest for long-term sustainable growth."

Andrea Guerra, Prada Group's CEO

Andrea Guerra, Group Chief Executive Officer, added: "We ended 2024 with very positive results across our brands.

"At Prada, we have a clear opportunity to continue to drive market share, while at Miu Miu we shall consolidate its success; to do that, we will continue to sharpen the positioning of our brands, to enrich product portfolios and to foster customer engagement. Our investments across retail, industrial capabilities and technology will continue to support our growth and the organisation in its evolutionary journey.

"For the year ahead, we retain our ambition to deliver solid, sustainable, and above-market growth."