Prada Group first half 2024 net revenues up 17 percent – CPP-LUXURY

Prada Group’s first half net revenues of 2,549 million euros, were up 17 percent. First half retail sales of 2,263 million euros, increased 18 percent, driven by like-for-like and full price volumes. Retail sales also increased by 18 percent in the second quarter.

EBIT margin for the period was 22.6 percent or 575 million euros. Patrizio Bertelli, Prada Group chairman and executive director, said: “We are satisfied with the above market performance and high-quality, like-for-like growth trajectory that we have achieved in an increasingly uncertain market environment.”

Prada brand retail sales rose 6 percent and Miu Miu achieved a strong growth trajectory with retail sales up 93 percent. The company added that Prada sales Asia Pacific increased by 12 percent, moderating in Q2 on the backdrop of a tougher comparison base and increasing spending outside the area. Sales in Europe were up 18 percent, supported by both domestic and touristic spending.

The Americas delivered a 7 percent growth, with Q2 registering a further slight sequential improvement. Japan was reconfirmed as the best performing region with 55 percent increase and the Middle East registered a 20 percent increase, despite persisting geopolitical tensions in the region.

“In the current macroeconomic and geopolitical context, industry dynamics have become more challenging; this requires us to be agile and sharp on our product range, communication and overall positioning, to continue to drive client engagement and to progress in our journey towards retail excellence,” added Andrea Guerra, group chief executive officer.

PRADA Spring Summer 2024