Miu Miu's comeback propels Prada Group revenues in 2022

Prada Group, the owners of Prada and Miu Miu, saw full year 2022 revenues rise by 21% year-on-year to £3.7 billion (€4.2 billion), largely driven by strong brand momentum.

For the financial year ending 31 December 2022, retail sales were up by 24% year on year to £3.3 billion (€3.7 billion). This was driven by strong performances across all product categories, with leather goods up 18%, ready-to-wear up 27%, and footwear up 29% year-on-year.

The Italian fashion group’s retail channel saw strong growth in sales, which was up 24% year-on-year.

Prada Group's gross margin stood at 78.8% of revenues, equal to £2.9 billion (€3.3 billion), while EBIT adjusted margin was at 20.1% of revenues, equal to £749 million (€845 million).

Both Prada and Miu Miu saw strong growth. Prada’s revenues grew by 25% year-on-year showing sustained brand momentum. Miu Miu revenues were up 20% year-on-year with a sharp acceleration in H2, driven by highly successful products such as its ultra-mini skirts and ballet flats.

Lyst also named Miu Miu’s ballet flats as the product of the year. The covetable shoes were shown for autumn/winter 2022 and quickly became a TikTok favourite, resulting in the pair becoming the most-searched-for flat shoe on Lyst. The satin flats sparked the ballet core trend and played into the noughties revival of the indie-sleaze style.

Patrizio Bertelli, Executive Director, commented: "Prada Group delivered excellent results in 2022, underpinned by brand momentum, greater client engagement and rigorous strategy execution. The Retail channel drove our performance, achieving strong and broad-based organic growth at both Prada and Miu Miu.

"We performed well across all product categories and geographies, more than offsetting weakness in China due to COVID-19. We continued to develop our sustainability capabilities and activities, ensuring they remained linked to the identities of our brands and relevant to our clients. The recent changes to our governance structure mark a fundamental evolution for the Group. In 2022, we further strengthened our positioning and our organisation, and in the current year we will accelerate the execution of our strategy."