Milan, 31st October 2023 – The Prada S.p.A. Board of Directors today reviewed and approved the consolidated revenue performance for the nine months ended 30th September 2023.
Key highlights (growth percentage at constant currency)
Patrizio Bertelli, Prada Group Chairman and Executive Director,
“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”.
Andrea Guerra, Group Chief Executive Officer, added:
“In the third quarter, Prada remained on a sound growth trajectory, driven by solid full price like-for-like sales. Miu Miu continued to deliver a strong performance across all geographies and categories. In an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands, positioning us well for Q4 and vis-à-vis our ambition to deliver solid, sustainable, and above-market growth in 2023.”
Brand momentum continues for Prada and Miu Miu
Prada’s brand and creative momentum supported solid sales growth in the first nine months of 2023. In Q3-23, the SS24 Women’s show had an excellent reception, celebrating the brand's 110-year history, reinterpreting its authentic design codes and cultural identity. Ready-to-wear and Footwear collections kept resonating strongly with clients. In Leather Goods, the focus on strengthening icons continued, drawing on the success of Galleria’s campaign in Q2, alongside the unveiling of new successful styles. In addition, the third quarter saw the launch, to great acclaim, of Prada Beauty Makeup and Skincare lines.
After the closing of the quarter, Prada announced the partnership with Axiom Space on NASA’s lunar spacesuits for the Artemis III mission. The partnership leverages Prada Group’s decades of experimentation, cutting-edge technology and design know-how which started back in the ‘90s with Luna Rossa challenging for the America’s Cup.
Miu Miu confirmed its outstanding growth momentum delivering a strong performance across the nine-month period, supported by the growing brand awareness and increasingly strong client connections globally. The FW23 campaign “Miu Miu Live!” drove excitement along with an excellent reception of the last shows and recent collections. The brand saw sustained growth across all categories, including in Leather Goods with the “Wander” and “Arcadie” bags, confirming the brand’s modernity and strong appeal.
After the closing of Q3-23, Miu Miu’s SS24 show again achieved an outstanding response.
High-quality Retail Sales growth throughout the period (growth percentage at constant currency)
The Retail channel delivered +17% yoy growth over the nine months, with a solid Q3 performance of +10% yoy, on a very challenging basis of comparison (+32% for Q3-22). Growth continued to be supported by both average price and full price volumes.
Retail Sales of the Prada brand increased by +13% yoy in the period, and Miu Miu by +49%.
Asia Pacific progressed well over the first nine months of 2023 at +21% on a volatile basis of comparison, which saw significant disruption in Q2 and Q4 2022.
Europe grew +17% over the nine-month period, thanks to the strength of demand from both domestic clients and tourists, notwithstanding the very challenging basis of comparison; Q3 performance remained positive, with solid underlying demand, albeit with more moderate year-on-year growth, as expected.
The Americas remained substantially stable over the 9-month period at -1%, with a mild sequential improvement in Q3 vs. Q2.
Japan remained the best performing region seeing sustained growth throughout the period at +47%, largely driven by local demand.
Middle East delivered a solid performance, at +12%, in the first nine months of 2023.