The Retail channel recorded growth of +10.1% yoy, with solid Q2 at +7.6%. 
Prada delivered a resilient performance against high comps, with Retail Sales at -1.9% yoy in H1, and Q2 at -3.6% yoy. The brand continued to captivate with its polyhedric and multifaceted take on contemporary society. Creative dynamism translated into a continuous enhancement of icons, with signature Re-Nylon reinforcing the brand’s distinctive aesthetic codes through new and enriched combinations of shapes and colours. Impactful campaigns like Days of Summer and SS25 amplified the introduction of newness. With the unveil of one-of-a-kind hospitality venues, such as Mi Shang Prada Rong Zhai, and the opening of exclusive stores, notably the Prada Men on 5th Avenue, the brand added powerful dimensions of engagement with its clients and a wider breadth of high-end services. Iconic events like Prada Mode and Prada Frame, alongside exhibitions presented in the Epicenters, kept fostering the brand’s deep link with culture.

Miu Miu continued on a healthy path of sustainable growth, with robust performance of +49% yoy in H1 and +40% in Q2. The brand kept exploring femininity in all its forms playing with irreverent, free-spirited aesthetics. Appreciation remained high across all categories and geographies. Special projects like Miu Miu Upcycled, Miu Miu Custom Studio and Miu Miu Gymnasium kept the brand in the spotlight, while events like Miu Miu Summer Reads, Literary Club and Tales & Tellers fostered a constant, multidisciplinary dialogue with the brand’s community. Finally, over the period, the brand started to ease space constraint with new landmark venues, including a three-storey boutique at SKP Wuhan, showcasing an intimate “home” store concept, and a renovated flagship on New Bond Street, where the original mix of styles is an homage to the brand’s unconventional aesthetics.

In H1-25 the Group generated EBIT Adjusted of €619 mln, up 8% vs. H1-24, corresponding to a margin of 22.6%, in line with the previous year notwithstanding higher investments behind the brands. The net income for the semester amounted to €386 mln.

Thanks to healthy cash flow generation, the Group closed the period with a solid Net Cash Position of €352 mln, after dividend payment of €398 mln and Capital Expenditure of €294 mln.

In April 2025 the Group announced the acquisition of Versace from Capri Holdings for an Enterprise Value corresponding to €1.25bn. The transaction is expected to close over the course of H2-25 and is subject to customary closing conditions and regulatory approvals.

In June 2025 the Group also completed a 10% equity investment in Rino Mastrotto Group, a global provider of leather, textile and bespoke services for the luxury industry. 

Finally, the Group continued to exert strategic efforts encompassing all key areas of its sustainability agenda. Progress was made in the transition plan towards lower-impact raw materials, on responsible chemical management, as well as towards overcoming traceability challenges. As for the People pillar, DE&I and gender equity were the key focus, with initiatives including global people culture forums to drive regional activities, training, awareness programmes and salary review processes with specific targets relating to gender pay-gap.
Finally, the Group confirmed its commitment to culture with the launch of the 'SEA BEYOND – Multi-Partner Trust Fund for Connecting People and Ocean', aimed at implementing new projects on ocean education and conservation alongside UNESCO-IOC.