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Prada<\/strong> is doing better than its competitors. The Italian luxury group has announced impressive financial results for the first nine months of 2023. Overall sales climbed 17% to 3.34 billion euros<\/strong>, mainly due to strong demand in Asia and Europe, its two main markets.<\/p>\n <\/p>\n Retail sales were boosted by 17%<\/strong> at constant exchange rates, to 2.98 billion euros<\/strong>, thanks to a 13%<\/strong> increase in revenues at Prada and a 49%<\/strong> rise at Miu Miu, the main brand’s little sister, which targets a younger clientele.<\/p>\n <\/p>\n Wholesale sales were up 6%<\/strong>.<\/p>\n <\/p>\n Prada “maintained a solid growth trajectory in the third quarter, underpinned by strong sales at constant prices”,<\/em> commented CEO Andrea Guerra<\/strong>, who took over the reins of the group in January. Miu Miu “once again recorded an excellent performance across all geographic regions and product categories”,<\/em> he added.<\/p>\n <\/p>\n The ready-to-wear segment recorded exceptional growth of 32%<\/strong>, ahead of the footwear department with an increase of 16%,<\/strong> and leather goods, which grew by 8%<\/strong>.<\/p>\n <\/p>\n “Our strategy delivered solid growth in the first nine months of 2023, including the third quarter, despite a very challenging basis for comparison. The Group continued to consolidate the desirability of its brands and accelerated its investments as planned,”<\/em> commented Patrizio Bertelli<\/strong>, Group President and Executive Director<\/p>\n <\/p>\n <\/p>\n In terms of retail sales by region, the American continent was the only one to record a slight decline of -1%,<\/strong> representing sales of 536 million euros<\/strong>. This stagnation comes against a backdrop of rising interest rates and a general economic slowdown, factors which have affected many players in the sector.<\/p>\n <\/p>\n Conversely, Japan posted the most impressive growth, with a 47%<\/strong> increase in sales to 334 million euros<\/strong>.<\/p>\n <\/p>\n Asia-Pacific stood out as the most dynamic market, with a 21%<\/strong> increase in revenues, topping the billion euro sales mark.<\/p>\n <\/p>\n In Europe, sales rose by 17% to 941 million euros<\/strong>, thanks to “strong local demand and tourist flows”.<\/p>\n <\/p>\nDeceleration in the United States<\/h2>\n
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