Prada SpA increased its sales by 22 percent to 1.06 billion euros in the first quarter compared to the previous year, according to the current annual report of the Italian luxury fashion group.
According to the group, the popularity of Miu Miu and Prada contributed to the strong growth. But the recovery in the Asia-Pacific region also contributed to the large increase. China in particular has recovered well, where the company had previously suffered from the effects of the corona pandemic. China is a key market for many luxury brands, which is why they have suffered from store closures in the region in the past.
The Asia-Pacific region is the largest market for Prada SpA, where the group achieved sales of 360 million euros in the first quarter. The largest percentage increase was in Japan, where sales increased by 44 percent to 113 million euros. Europe followed in second place with 259 million euros and an increase of 26 percent. In the American market, Prada achieved a sales increase of 10 percent to 174 million euros. In the Middle East, sales increased by 20 percent to 47 million euros.
“Prada Group has had a positive start to the year. During the first quarter, China re-emerged as the engine of growth, driving a solid sales recovery in Asia Pacific,” said CEO Andrea Guerra. “Our priority for the year remains increasing store productivity, with a focus on retail execution. At the same time, we will continue to invest in our brands, our businesses and our infrastructure to ensure tomorrow’s growth. The ever-changing macro and market environment requires vigilance from us, but we see benefits in accelerating these investments if conditions remain favorable.”
This translated and edited post previously appeared on FashionUnited.nl.