Prada Reports Strong Revenue Growth in Q3, Miu Miu Shines Bright

Prada Group reported a significant increase in net revenues for the third quarter, achieving a growth of 17.7% at constant exchange rates. This growth was supported by strong performance in retail sales across Asia and Europe, along with the remarkable rise of the Miu Miu brand, which saw its sales double.

Despite an overall slowdown in the luxury sector, the main Prada brand experienced a 1.7% increase in retail sales during the quarter, although this indicated a deceleration compared to the previous quarter.

Prada's CEO, Andrea Guerra, expressed confidence in the company's direction, stating, "We have continued to advance the year with another quarter of high-quality, like-for-like growth, supporting our positive trends in both revenue and profit margins." Guerra emphasized the resilience of the main brand under challenging conditions in the luxury market.

The positive news from Prada comes at a time when other players in the luxury sector are facing difficulties. For instance, at the beginning of October, Kering, the parent company of brands such as Gucci and Saint Laurent, announced a 16% decline in organic revenues.

Similarly, industry leader LVMH reported earnings that fell below market expectations, noting the impact of decreased spending by Chinese consumers.

Prada's different fate, particularly with the success of the Miu Miu brand, highlights the varying effects of the current economic environment on different segments of the luxury goods sector.