Prada Group Reports 12% Revenue Surge, Miu Miu Named Hottest Brand
Prada Group's CEO Andrea Guerra has reported robust full price like-for-like sales and high enthusiasm surrounding the brand. The group's net revenues surged 12% to 3.34 billion euros in the nine months ended September 30.
Prada Group's upward momentum continued from the first half of the year. Retail sales climbed 12% to 2.97 billion euros, with double-digit increases in all regions except the Americas. The group's wholesale numbers rose 4% to 291 million euros, and overall royalties jumped 67% to 73 million euros.
The Prada brand itself saw a 13% retail sales boost, while Miu Miu was up a staggering 49% due to growing brand awareness and stronger client connections. Miu Miu was named the hottest brand by the Lyst index for Q3, driven by popular collaborations and products. The brand's spring-summer 2024 runway show featured a logo polo shirt with the potential to become a must-have piece.
Prada Group's profit jumped 62%, keeping pace with Zegna's healthy earnings. The group dressed the China women's national soccer team during the 2023 World Cup and partnered with Axiom Space for NASA's lunar spacesuits.
Prada Group's solid performance is a testament to its strong brands and strategic initiatives. With a 12% increase in net revenues and a 62% profit jump, the group continues to thrive, led by CEO Andrea Guerra and creative director Miuccia Prada.
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