Italian fashion group Prada's net revenues soar 22% in Q1 FY23

The company's retail sales surged 23 per cent YoY to €953 million in Q1 FY23, driven by like-for-like and full price sales. Prada Group experienced a significant rebound in the Asia Pacific region, with retail sales up 22 per cent YoY. Sustained growth was also observed in Europe, up 28 per cent YoY, and Japan, up 55 per cent YoY. Meanwhile, the Americas saw a 5 per cent YoY increase and the Middle East experienced a 15 per cent YoY growth, the company said in its financial results for the first quarter ending March 31, 2023.

All product categories exhibited double-digit growth in Q1 FY23. Leather goods rose by 14 per cent YoY, ready-to-wear increased by 38 per cent YoY, and footwear sales grew by 20 per cent YoY.

The Prada brand's retail sales grew 21 per cent YoY. Additionally, the Miu Miu brand witnessed a notable acceleration, with sales rising by 42 per cent YoY.

“We closed a first quarter of solid growth, across all product categories and geographies, and we continued to consolidate our brands’ desirability. The global context we operate in continues to be complex and ever-changing, but our strategic priorities are clear, our organisation stronger, and the group remains reactive. We look at the future with confidence, determined to continue our path of stable and sustainable growth,” said Patrizio Bertelli, Prada Group chairman and executive director.

Fibre2Fashion News Desk (DP)