On October 30, 2024, Prada Group, based in Milan, announced it had achieved a remarkable 18% year-over-year increase in net revenue for the nine months ending September 30, defying the prevailing downturn in the luxury market. The exceptional performance of Miu Miu leads this surge, which recorded a staggering 105% increase in third-quarter retail sales, fueling growth across the group.
The success is backed by Prada Group’s strong brand identity, unparalleled creativity, and strategic, cutting-edge marketing initiatives. As of the end of September 2024, Prada Group’s net revenue reached €3.829 billion, with retail sales hitting €3.425 billion. Both Prada and Miu Miu’s solid performance have bolstered the group’s growth trajectory.
Miu Miu has particularly excelled, captivating a diverse range of age groups with its unique, bold, and powerfully playful style. The brand has resonated widely, with its ambassadors including globally popular K-pop icons from Gen Z, such as TWICE’s Momo, IVE’s Wonyoung, and (G)I-DLE’s Minnie. These ambassadors have helped Miu Miu expand its appeal to a broader audience. Miu Miu has also actively collaborated across art, film, and other domains to enhance its cultural value, with initiatives like the “Miu Miu Tales & Tellers” project showcased at Art Basel in Paris serving as a testament to the brand’s multifaceted artistic engagement.
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Across Prada Group’s markets, Asia-Pacific, Europe, Japan, and the Middle East reported double-digit growth, with steady growth also recorded in the U.S. Japan, in particular, saw a remarkable 53% increase in sales, supported by strong tourism and local consumer spending.
Chairman Patrizio Bertelli commented, “We are pleased to see that our strategy keeps delivering above-market performance at both Prada and Miu Miu. We are operating in a challenging environment, for the entire luxury value chain. Nonetheless, we continue to see opportunities for our brands and remain committed to our strategic investment plan in retail, technology and industrial capabilities to support the long-term, sustainable growth of our Group and our partners.”
CEO Andrea Guerra added, “Despite the challenging backdrop, we are confident in our ability to navigate the industry complexities, and remain committed to our ambition to deliver solid, sustainable and above-market growth.”
In a challenging market landscape, Prada Group is solidifying its competitive edge, taking confident strides into the future with unwavering growth and resilience.