A “remarkable performance” at Miu Miu along with strong sales in Asia and Europe helped boost Prada Group revenues in the first half, the company said Thursday.
Like-for-like retail sales at Miu Miu soared 50 percent year on year, supported by the brand’s high exposure in Asia where Chinese spending is rebounding strongly. Sales at flagship brand Prada grew 18 percent year on year.
Group net revenues in the first half reached €2.2 million, up 20 percent year on year, about 2 percent short of analyst estimates. Operating profit improved markedly: earnings before interest and tax hit €491 million, beating estimates by more than 7 percent.
Prada Group is facing slowing demand in the key US market, where retail sales fell 1 percent in the first half, although the group said its American consumer base continues to grow. Earlier this week, sector leader LVMH reported weakening demand from aspirational customers in the US.
Stay tuned for BoF updates to this developing story.
Learn more:
Inside Prada’s Best Year in Business
The Milanese group, which also owns Miu Miu and Church’s, leveraged a partnership between Miuccia Prada and Raf Simons to generate record sales. A Thursday presentation gave investors a first peek at Prada’s future plans under new leadership.
