Prada Defies Luxury Downturn with Strong Growth in First Half of 2024

Prada Group has reported significant growth in the first half of fiscal year 2024, achieving double-digit increases in profits and revenues despite a general slowdown in the luxury market. The group, which includes Prada, Miu Miu, Church’s, and Car Shoe, saw net income rise by 26% to 383 million euros and EBIT increase by 17% to 575 million euros.

Overall revenues climbed 14% to 2.55 billion euros, driven by strong retail sales, which improved by 15%. Notably, sales at Miu Miu surged by 93%, significantly outpacing Prada’s growth of 6%. Miu Miu’s popularity in China and its fresh, youthful collections have notably contributed to this success.

Patrizio Bertelli, chairman of Prada Group, praised the results as evidence of the company's disciplined strategy and operational flexibility. Andrea Guerra, CEO, emphasized the necessity of agility in product and communication strategies to continue engaging customers and pursuing retail excellence.

Despite challenges faced by competitors in the luxury sector, Prada Group has demonstrated robust growth across all regions, with particularly strong performance in Japan, Europe, and the Middle East, highlighting its resilience and strategic prowess in a fluctuating market environment.