Despite the current weak demand in America, the Italian fashion group Prada SpA achieved a double-digit increase in sales in the first nine months of the 2023 financial year. This emerges from an interim statement that the company published on Tuesday.
Accordingly, group sales in the period from January to September amounted to around 3.34 billion euros and exceeded the previous year’s level by twelve percent. Adjusted for exchange rate changes, revenue even increased by 17 percent.
In Asia and Europe, retail revenues are growing at double-digit rates
The Prada Group owed the significant increase to its own retail trade, whose sales grew by twelve percent (currency-adjusted +17 percent) to 2.98 billion euros. The main brand Prada achieved a currency-adjusted increase of 13 percent, while the second line Miu Miu even improved by 49 percent.
Retail revenues grew in double digits in most market regions. They developed most dynamically in Japan, where they increased by 34 percent (currency-adjusted +47 percent) and reached 334 million euros. In the rest of Asia-Pacific, retail sales rose by 15 percent (+21 percent at constant currencies) to 1.04 billion euros, in Europe by 13 percent (+17 percent at constant currencies) to 941 million euros and in the Middle East by ten percent (+ at constant currencies). 12 percent) to 125 million euros.
Prada is also feeling the effects of weak consumer sentiment in America
Only in America did things go down. Retail revenue there in the first nine months was 536 million euros, three percent (-1 percent adjusted for currency effects) below the corresponding previous year’s level.
In the global wholesale business, total sales rose by four percent (currency-adjusted +6 percent) to 291 million euros. License income increased by 67 percent to 73 million euros.