Different brands under Prada Group also saw notable growth. Retail sales for the Prada brand itself increased by 13 per cent YoY, while Miu Miu saw a spectacular 49 per cent growth. Across all product categories, ready-to-wear category led the way with a 32 per cent growth, followed by footwear at 16 per cent and leather goods at 8 per cent.
Italy’s Prada Group reported a 17 per cent YoY increase in net revenues for the first nine months of FY23, reaching €3.344 billion.
Strong performances were noted across the company’s brands, with Miu Miu up 49 per cent and Prada 13 per cent.
Regionally, Japan led with a 47 per cent growth, while Asia Pacific and Europe also saw solid gains.
Region-wise, Asia Pacific delivered a strong performance in 9M FY23, growing at 21 per cent despite disruptions in 2022. Europe also exhibited a strong 17 per cent growth over the nine months, buoyed by both domestic and tourist demand. The Americas saw marginal contraction at minus 1 per cent but demonstrated slight improvement in the third quarter compared to the second. Japan was the standout performer, with a remarkable 47 per cent growth driven mainly by local demand. The Middle East also delivered a solid 12 per cent growth during the first nine months of FY23, Prada said in a press release.
“Our strategy delivered solid growth in the first nine months of 2023, including in the third quarter, notwithstanding the very challenging basis of comparison. The group continued to consolidate its brands’ desirability and accelerated investments as planned. Looking ahead, we are focused on enhancing innovation and dynamism, drawing on the strength of our reinforced organisation, and on retaining the flexibility that characterises our group,” said Patrizio Bertelli, Prada Group chairman and executive director.
Fibre2Fashion News Desk (DP)