Prada Posts Higher Revenue With Growth in All Products, Most Regions
Sales in the retail channel climbed 17%
Prada reported an increase in revenue for the first nine months of the year, boosted by growth across all product categories and most of its markets.
Net revenue came in at 3.34 billion euros ($3.55 billion), up 17% at constant exchange rates, the Italian luxury-fashion house said on Tuesday.
Sales in the retail channel, the largest contributor to total figures, climbed 17%, helped by average price and full price volumes, while the wholesale channel grew 6%, it said.
Most markets posted double-digit growth, with the exception of the Americas, which reported a slight decline of 1%. Japan saw the largest increase at 47%, mainly driven by local demand, Prada said.
Retail sales of the Prada brand jumped 13%, supported by the launch of the beauty makeup and skincare lines in the third quarter. As for Miu Miu, retail sales surged 49%, with sustained growth across all categories, the company said.
Prada is well-positioned to deliver above-market growth this year, Chief Executive Andrea Guerra said, although the uncertain geopolitical and economic backdrop requires the company to stay vigilant.
Prada’s trading updated comes after LVMH Moet Hennessy Louis Vuitton published third-quarter results that missed analysts’ expectations and raised concerns about a slowdown in the luxury industry. Hugo Boss is due to publish third-quarter results on Thursday and Compagnie Financiere Richemont will post first-half figures on Nov. 10.