Prada Group’s revenues rose 17 percent excluding currency shifts to €3.3 billion in the first nine months of the year, the Milanese fashion company said Tuesday.
Third-quarter sales in the group’s retail stores rose 10 percent, less than half the growth rate of the first-half but still maintaining a double-digit pace on top of record sales last year.
Sales in North America were broadly stable, falling 1 percent in a market where rising interest rates and slower economic growth have provoked steep declines among some rivals.
“In an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands,” chief executive Andrea Guerra said.
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Lorenzo Bertelli: The Prince of Prada Prepares to Take the Wheel
The 35 year-old former racecar driver — son of designer Miuccia Prada and the company’s chairman Patrizio Bertelli — is restructuring the Milanese group from the inside out. ‘Everything’s changing so that everything can stay the same,’ the BoF 500 cover star said about readying Prada for its next chapter.
