The Prada Group, encompassing luxury brands Prada, Miu Miu, Church’s, Car Shoe, Marchesi 1824, and Luna Rossa, has announced a significant surge in net revenues for the 2024 fiscal year. The company reported net revenues of approximately US $ 5.83 billion, marking a 17 per cent increase compared to 2023, exceeding market expectations.
Chairman and Executive Director Patrizio Bertelli attributed this growth to the company’s strategic capacity and unwavering commitment to product quality, even amidst a challenging industry landscape. He conveyed a confident outlook for 2025.
Retail sales played a pivotal role in this success, reaching approximately US $ 5.18 billion, an 18 per cent year-over-year increase driven by both like-for-like sales and full-price volumes. The fourth quarter alone saw retail sales grow by 18 per cent. Notably, Miu Miu experienced exceptional growth, with retail sales soaring by 93 per cent for the year and 84 per cent in the fourth quarter. Prada also demonstrated positive performance, with retail sales up 4 per cent.
The Group’s profitability also saw an uptick, with an EBIT margin of 23.6 per cent, equating to approximately US $ 1.40 billion. Net profit reached approximately US $ 906 million, a 25 per cent increase from the previous year.
Geographically, the Prada Group witnessed double-digit growth across Asia Pacific, Europe, Japan, and the Middle East. Japan emerged as the top-performing region, with a 46 per cent increase, fueled by strong local demand and tourist inflows. The Middle East also showed solid growth of 26 per cent, supported by domestic demand and tourism. Europe recorded an 18 per cent increase, driven by both local consumption and tourism.
