Prada Group reveals "solid" sales growth driven by "remarkable" Miu Miu

The Prada Group, whose portfolio includes Miu Miu, has revealed that retail sales were up by 21% to £1.69 million (€1.975 million) for the first half of the year ending 30 June 2023.

The Prada brand reported sales were up by 18% year-on-year and Miu Miu’s sales were up by 50% year-on-year.

Further results included in the report are as follows:

• Net revenues up by 20% to £1.91 million (€2.232 million)
• Rebound in Asia Pacific continued, with retail sales up by 25%; Europe up by 24%; Americas down by 1%; Japan up by 49%; Middle East up by14%
• Double-digit growth across all product categories: leather goods up by 12%, ready to wear up by 36% and footwear up by 20%
• Continued profitability improvement with EBIT margin of 22%; EBIT of £420 million (€491 million)
• Net cash position stood at £242 million (€283 million)

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: "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."

Andrea Guerra, Group Chief Executive Officer, added: "Q2 was another positive quarter on top of a solid Q1. Retail growth continued to be driven by like-for-like full price sales, with Prada remaining on a sound trajectory and Miu Miu reporting a remarkably strong performance, thanks to a strengthened identity and increasing visibility. The Group’s profitability further increased while we continued to consolidate our brands’ desirability with higher investments.

"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."