By
Bloomberg
Published
Apr 25, 2024
Prada SpA’s sales jumped as the Italian fashion group, which also owns Miu Miu, continues to outperform its biggest rivals.
Net revenue rose 16% in the first quarter at constant exchange rates to €1.19 billion ($1.27 billion), Prada said in a statement Wednesday. Analysts were expecting €1.17 billion.
The performance was particularly strong in Asia Pacific, including China, which a year ago was reopening after the strict lockdowns of 2022.
It is a solid performance for a brand operating in a challenging market environment, said Chairman Patrizio Bertelli.
In the quarter, Miu Miu and Prada were the two hottest names in rankings compiled by Lyst Index, which tracks searches and social media mentions for brands and products. Lyst pointed in particular to a popular sneaker collaboration between Miu Miu and New Balance.
The solid results compare to a weak performance at French rival Kering SA, whose biggest label Gucci is facing a tough turnaround as it seeks to reposition itself in a more exclusive segment. Shares of Prada have gained 37% so far this year in Hong Kong compared with a slide of about 19% for Kering.
Miuccia Prada, the granddaughter of the group’s founder, is creative director at Miu Miu and splits those duties at Prada with Raf Simons.
Hermes International SCA reports quarterly sales Thursday in Paris.
