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Prada has reported that its net revenues increased 22% to €1.06bn (£928m) YoY despite an uncertain macroeconomic environment, according to its first quarter financial report ended 31 March 2023.
It also achieved retail sales of €953m (£830m) in the first quarter of 2023, marking a 23% increase YoY, compared with €778m (£677.5m) in Q1 2022 .
At group level, ready-to-wear remained the fastest growing category at 38%, followed by footwear (20%) and leather goods (14%).
Retail sales of the Prada brand increased by 21% at constant exchange rates, and Miu Miu accelerated to 42%, compared with the same period of 2022.
Globally, Prada saw a strong rebound in Asia Pacific, with retail sales up 22% YoY.
Meanwhile, Europe registered another strong quarter, with sustained double-digit growth of 28% driven by tourism and local consumption.
Growth in the Americas remained moderate in Q1 at 5%, while Japan’s sales increased by 55% as a result of recent investments made by the group in its retail network, strong local demand, and rising tourist numbers.
The Middle East also registered solid growth, up 15%, albeit in moderation versus the previous quarter.
Patrizio Bertelli, Prada group chairman and executive director, said: “We closed a first quarter of solid growth, across all product categories and geographies, and we continued to consolidate our brands’ desirability.
“The global context we operate in continues to be complex and ever-changing, but our strategic priorities are clear, our organisation stronger, and the Group remains reactive. We look at the future with confidence, determined to continue our path of stable and sustainable growth.”
Andrea Guerra, group chief executive officer, added: “Prada Group has had a positive start to the year. Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific. Our priority for the year remains increasing store productivity, focusing on retail execution.
“Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure for the growth of tomorrow. The ever-evolving macro and market backdrop requires us to be vigilant, but we see benefits in accelerating these investments, if conditions remain supportive.”
