Tbudget time. The Fashion Weeks dedicated to the next Spring-Summer 2026 have been archived and are the numbers relating to first nine months of 2025 to describe the state of health of thefashion industry. From the positive results of Prada group and of Hermès to the slow recovery of Kering And Ferragamowhat emerges is a varied and layered picture.
Despite objectively positive performances, in general there is an awareness of an incipient market difficulty and in slowdowncalled upon to rely on specific products, audiences and geographic areas. And if the Prada group establishes itself as one of the most solid in the global luxury scene, Kering, with the new CEO Luca De Meo, seems to have a detailed plan ready for the restart.
Miu Miu, the jewel in the crown of the Prada group
In the first nine months of the fiscal year, which ended last September 30, the Prada group exceeded 4 billion euros in revenues. There is therefore growth of 6%, as well as 19 quarters of uninterrupted growth. The sales retailat retail, instead amount to 3.6 billion euros, also up by 6%. The canal wholesalefor its part, increased by 3%, for a total of 322 million euros. Furthermore, what is striking is the different situation of the two symbolic maisons of the group. PradaIn fact, it sees a decline in sales retail by 1.6% in the nine months, -0.8% in the third quarter. The race continues, almost undaunted Miu Miu.
Prada Spring-Summer 2026 (Photo: Spotlight Launchmetrics)
The brand, once considered the “little brother” of Prada, has proven itself in recent years driving force of the group. In the first nine months of 2025, then, Miu Miu recorded growth of 41%by 29% in the third quarter. Although this is an undoubtedly positive performance, a certain normalization and a less dynamic trend emerges compared to the past, especially if we consider that Miu Miu’s growth in the first half of the year was 49%. In short, even those who enjoy good health like the company led by Patrizio Bertelli are not immune to the endemic slowdown in luxury.
Miu Miu Spring-Summer 2026 (Photo: Spotlight Launchmetrics)
Kering’s slow restart
How are things going for the group that owns Gucci, Saint Laurent, Bottega Veneta And Balenciaga? Third quarter results came in better than analysts’ expectations, with revenue equal to 3.4 billion eurosdown 10%. In the first nine months of 2025, however, the French giant generated revenues For 11 billion euros (-14%). The most important and strategic fashion house confirms itself, in any case, Gucciwhich in the third quarter recorded revenues of 1.3 billion euros (-18%), 4.3 billion in the nine months (-24%). Meanwhile, sales are improving retail-13%, an improvement compared to the second quarter, thanks also to the North American and Western European markets.
From January to September 2025, from Saint Laurent the situation proved to be stable, with revenues of 1.9 billion euros. Bottega Venetafor its part, had a turnover of 1.2 billion euros, up 2% thanks in particular to sales retail of footwear, clothing and the success of the It Bag Bell. Beyond the debut of new creative directors, from Pierpaolo Piccioli to Louise Trotter, Kering’s reality remains complicated. The group, for example, admitted that it had exaggerated in its expansion net of the shops. There are already 55 boutiques closed this year, many of them Gucci. From McQueenMeanwhile, a “strategic review” appears to have begun which could lead to the loss of 55 jobs at the brand’s London headquarters. Finally, a few days ago, the group led by De Meo announced the sale of the beauty sector to L’Oréalin a 4 billion euro operation.
Bottega Veneta Spring-Summer 2026 (Photo: Spotlight Launchmetrics)
From Hermès to Ferragamo
As usual, Hermès turns out to be one of the player most solid and reliable on the global luxury market. In the third quarter of the year, the French fashion house recorded growth of 5%, reaching 3.9 billion euros. In the first nine months of 2025, however, revenues amounted to 11.9 billion euros. Among the most important markets for the fashion house are Japan, China, the Americas and Europe. Ferragamofor its part, closed the third quarter with revenues of 221 million euros, a better result than expected.
In short, the luxury market is going through a moment of difficulty and slowdown.