Italian luxury fashion giant Prada Group announced that it recorded net revenues of 2.549 billion euros (about $2.75 billion) for the first half of fiscal year 2024, up 17% year-on-year. The company’s EBIT margin was 22.6% (575 million euros) despite increased investments.
Retail sales also increased significantly, reaching €2.263 billion, up 18% year-on-year, driven by both same-store and full-price sales volumes. The Prada brand’s retail sales growth outpaced the market, increasing 6% year-on-year. Miu Miu maintained its strong trajectory with an impressive 93% increase in retail sales year-on-year, the company announced in a press release.
Prada reported net revenues of 2.549 billion euros (about $2.75 billion) for the first half of fiscal 2024, up 17% from a year ago. EBIT margin was 22.6%, and retail sales rose 18%. Miu Miu sales soared 93%. Asia Pacific grew 12%, Europe 18%, the Americas 7%, Japan 55% and the Middle East 20%.
Asia Pacific grew well, increasing 12 percent for the period, although growth slowed in the second quarter due to tougher comparative bases and increased international spending. Europe continued its double-digit growth, recording an 18 percent increase in the first half of the year, buoyed by both domestic and tourism spending.
The Americas delivered a strong first half performance, up 7 percent, with a slight sequential improvement in the second quarter. Japan reaffirmed its position as the best-performing region in the first half, growing by an impressive 55 percent, driven by healthy local demand and strong tourist flows. The Middle East recorded a strong first half performance, up 20 percent, despite ongoing geopolitical tensions in the region.
“The solid results recorded in the first half of the year reflect the strength of our brands and the disciplined execution of the Group’s strategy. I am pleased with the outperforming market performance and the high-quality comparable growth trajectory we have achieved in an increasingly uncertain market environment. The flexibility of our organization gives me confidence in the Group’s ability to navigate the coming months as we continue to invest across our businesses”, said Patrizio Bertelli, Chairman and Executive Director of the Prada Group.
Fibre2Fashion News Desk (DP)
