Prada is in robust health, increasing its net profit by 25.5% to 383 million euros in the first half of 2024. This is a stark contrast to the luxury sector, largely due to the resilience of Asia and the confirmed popularity of sister brand Miu Miu.
Prada refuted the climate of fear that prevails in the world’s luxury markets first six months of 2024with Net profit increases by 17% to 2,549 million eurosfavored by comparable quantities and full prices.
The Italian group Sales reached 2.5 billion eurosdriven by retail sales +14% at current exchange rates (17% at constant exchange rates).
These results, described as “positive”, showed Growth “above the market average, despite an increasingly uncertain context for the sector“, said Patrizio Bertelli, President and CEO of the Group.
A balanced, well-positioned portfolio
Pradathe Group’s flagship brand, recorded Sales grow by 6%and thus confirmed its position as market leader in the luxury goods sector. Group CEO Andrea Guerra attributed this success to the “Creative strength, distinctive positioning and disciplined implementation“He praised Prada’s balance between innovation and reinterpretation of iconic products in the areas of leather goods, ready-to-wear clothing and shoes.
The brand benefits from powerful initiatives that strengthen the brand values and promote public engagement, in particular the recruitment of some high-profile ambassadors who will Sustainability strategyembodied by the Re-Nylon Campaign and the Hollywood faces of Emma Watson and Benedict Cumberbatch.
But Once again, MiuMiuThe group Rebel brand aimed at a younger customers remains the Powerhouse of the transalpine group. Actually, Retail sales increased by 18%with a Exceptional sales increase of 93% at Miu MiuThe brand “continued to shine thanks to the growing enthusiasm of its community, fueled by successful fashion shows.”
The press release explains the robust performance of Prada’s sister brand with “a clear and distinctive identity, positioning and communication.” Characteristics that contributed to the development strong desirability across all product categoriesespecially leather goods.
Highlights of the first six months included thesuccessful introduction of new bag styles like the Ivy and the Beau, as well as the celebration of icons like the Arcadie and Wander models. Not to mention the welcome to a revived archive piece (adventure).
In order to grow, the Italian group does not hesitate to invest, especially in the Expansion of production facilities to meet increasing demand.
Robust results in Asia-Pacific
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Featured photo: © MiuMiu
