Retail sales also saw a significant boost, reaching €2.263 billion, up 18 percent from the previous year, driven by both comparable and full-price volumes. Prada brand retail sales growth outpaced that of the market, rising 6 percent year-on-year. Miu Miu maintained a strong trajectory with an impressive 93 percent increase in retail sales year-on-year, the company said in a press release.
Prada reported net revenue of €2.549 billion (approximately $2.75 billion) for the first half of fiscal year 2024, up 17 percent from the same period last year. The EBIT margin was 22.6 percent, with retail sales up 18 percent. Miu Miu sales increased 93 percent. Asia Pacific grew 12 percent, Europe 18 percent, Americas 7 percent, Japan 55 percent and the Middle East 20 percent.
The Asia Pacific region performed well over the period, up 12%, although growth moderated in the second quarter due to a more difficult comparison base and increased spending outside the region. Europe continued its double-digit growth, up 18% in the half-year, supported by both domestic and tourism spending.
The Americas performed positively, up 7% in the first half, while the second quarter saw a slight sequential improvement. Japan again confirmed its status as the best-performing region in the half, with a remarkable 55% growth, driven by healthy local demand and strong tourist flows. The Middle East recorded a solid performance in the first half, up 20%, despite ongoing geopolitical tensions in the region.
“The strong results recorded in the first half of the year reflect the strength of our brands and the disciplined execution of the group’s strategy. We are pleased with the outperformance of the market and the high-quality, comparable growth trajectory we have achieved in an increasingly uncertain market environment. The flexibility of our organisation gives us confidence in the group’s ability to navigate the coming months, as we continue to invest across all our businesses,” he said. Patrizio Bertelli, President and CEO of the Prada Group.
Fibre2Fashion (DP) Press Desk
