By
Bloomberg
Published
October 30, 2024
Prada SpA sales surged last quarter as wealthy shoppers snapped up Miu Miu’s Arcadie handbags and cashmere cardigans.
Comparable retail sales at the Italian fashion group grew 18% in the third quarter, the Hong Kong-listed company said Wednesday. Sales at its biggest label, Prada, rose 1.7%, while Miu Miu sales more than doubled during the period.
Prada has been outperforming high-end fashion rivals thanks to the success of its products among Gen Z consumers and in particular the extraordinary growth rates at sister label Miu Miu.
The brand was the hottest label during the period, rising one notch from the previous quarter on the Lyst index, which tracks searches and social media mentions. Prada remained third. Miu Miu’s Arcadie bag in particular proved popular, according to the index. Its mini version starts at €1,850 ($2,004) in France.
Prada noted the “more challenging market conditions” in Asia Pacific during the period, which have been a drag on its luxury competitors, from LVMH Moët Hennessy Louis Vuitton SE to Gucci-owner Kering SA.
Miuccia Prada, the granddaughter of the group’s founder, is creative director at Miu Miu and splits those duties at Prada with Raf Simons.
