Prada defeats luxury slowdown with double digit growth

Prada has reported "solid performance" during the first quarter of 2025, with net revenues reaching €1.341 billion (£1.14 billion), reflecting a 13% year-on-year growth at constant currency.

The Group, which recently announced it has acquired Versace, reported sales grew by 13% year-on-year to €1.216 billion (£1.03 billion), despite the challenging macroeconomic environment.

The company’s performance was driven by "creative dynamism" and the continued high desirability of its products, particularly in its core Prada and Miu Miu brands.

In terms of its brands, Prada’s revenue remained stable year-on-year, reflecting resilience against strong quarterly comparisons from 2024. Meanwhile, Miu Miu delivered remarkable growth, soaring 60% year-on-year.

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: "We are pleased with another quarter of solid performance. In an increasingly turbulent and uncertain landscape, we continued to execute with confidence and discipline, leveraging creativity and the strength of our organisation.

"The current environment requires us to be agile and flexible; at the same time, we believe it is essential to continue to invest with a long-term mindset, preserving and developing craftmanship and know-how, supporting our partners and strengthening our infrastructure."

Andrea Guerra, Group Chief Executive Officer, added: "The Group had a positive start to the year. Prada showed strong resilience, against the most challenging quarterly comparison of 2024; the comps will ease slightly in the second half of the year but we expect the backdrop to remain complex.

"Notwithstanding the headwinds, Miu Miu confirmed a remarkable growth trajectory. Looking ahead, our strategy remains centred on our brands, their relevance, creativity and marked sensibility in reading the spirit of the time. Sharp execution will be key in this environment and to continue to deliver on our ambition of solid, sustainable and above-market growth."

This comes just weeks after Prada Group announced it has acquired Versace for $1.375 billion (£1.06 billion) in cash.

The transaction is expected to close in the second half of 2025, subject to regulatory approvals. By acquiring Gianni Versace's legacy brand, Prada will create a larger Italian player to compete with the likes of LVMH and Kering.