MILAN — Prada Group reported revenues in the three months ended March 31 rose 22 percent to 1.06 billion euros compared with 876 million euros in the first quarter of 2022.
The retail channel contributed to the bulk of the group’s business, up 22 percent in the first quarter to 953 million euros, with like-for-like sales up 23 percent.
Wholesale revenues grew 9 percent to 91 million euros, while royalties rocketed 52 percent to 21 million euros.
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Compared with the same period in 2022, retail sales of the Prada brand increased by 21 percent at constant exchange rates, and Miu Miu accelerated, climbing 42 percent.
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“We closed a first quarter of solid growth, across all product categories and geographies, and we continued to consolidate our brands’ desirability,” Prada Group chairman and executive director Patrizio Bertelli said in a statement. “The global context we operate in continues to be complex and ever-changing, but our strategic priorities are clear, our organization 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, who joined the group as its chief executive officer in January, cited a “solid” rebound in Asia-Pacific and noted that “over the course of the first quarter, China returned to be an engine of growth.”
Retail sales in Asia-Pacific climbed 22 percent to 360 million euros. China showed a further year-on-year acceleration toward the end of the quarter supported by easier comparables. Business also continued to experience solid growth in Southeast Asia.
“Our priority for the year remains increasing store productivity, focusing on retail execution,” Guerra said. “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.”
Retail sales in Europe rose 26 percent to 259 million euros, driven by tourism and local consumption.
Growth in the Americas stood at 10 percent to 174 million euros, and the company pointed to a challenging comparison basis.
Revenues in Japan rose 44 percent to 113 million euros, benefiting from the group’s recent investment in the retail network, solid domestic demand, and increasing tourism flows.
Retail sales in the Middle East rose 20 percent to 47 million euros, although in moderation versus the previous quarter.
The leather goods category grew 14 percent at constant exchange rates, driven by both new and iconic lines.
Ready-to-wear remained the fastest-growing category, increasing 38 percent. Retail sales of footwear rose 20 percent.