Retail sales also saw a significant boost, amounting to €2.263 billion, up 18 per cent YoY, driven by both like-for-like and full-price volumes. Prada brand’s retail sales growth outperformed the market, increasing by 6 per cent YoY. Miu Miu maintained a strong trajectory with an impressive 93 per cent increase in retail sales YoY, the company said in a press release.
Prada reported net revenues of €2.549 billion (approximately $2.75 billion) in H1 FY24, up 17 per cent YoY.
The EBIT margin was 22.6 per cent, with retail sales rising 18 per cent.
Miu Miu’s sales surged 93 per cent.
The Asia Pacific grew 12 per cent, Europe 18 per cent, the Americas 7 per cent, Japan 55 per cent, and the Middle East 20 per cent.
The Asia Pacific region progressed well during the period, showing a 12 per cent increase, although growth moderated in the second quarter due to a tougher comparison base and increased spending outside the area. Europe continued its double-digit growth, with an 18 per cent rise in the semester, supported by both domestic and touristic spending.
The Americas delivered a positive performance with a 7 per cent increase in H1, with Q2 showing a slight sequential improvement. Japan reconfirmed its status as the best-performing region in the semester, with a remarkable 55 per cent growth, driven by healthy local demand and strong tourism flow. The Middle East registered a solid performance in H1, with a 20 per cent increase, 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. 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. The flexibility of our organisation gives us confidence in the group’s ability to navigate the months ahead, as we continue to invest across our business,” said Patrizio Bertelli, Prada Group chairman and executive director.
Fibre2Fashion News Desk (DP)