Prada Group Reports Outstanding Performance in 2023, With Miu Miu Sales Up 82% in Q4
The company’s full-year revenues climbed 13% to reach €4.72 billion EUR.
Prada Group on Thursday shared its full-year financial report for 2023, revealing positive growth across divisions and regions.
In the 12 months ending December 31, the company saw revenues climb by 13% to reach €4.72 billion EUR, while its net profits increased by 44.3%, tallying to €671 million EUR. The group’s retail sales amounted to €4.2 billion EUR, up 12% from the year prior; and in the fourth quarter, retail sales increased by 17%, surpassing analysts’ expectations of 14% growth.
At Prada, retail sales were up by 12% when compared to 2022, with a 10% increase in Q4. Miu Miu, meanwhile, saw sales climb by 58% across the year, accounting for an astronomical 82% leap in the fourth quarter.
“We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability,” said Patrizio Bertelli, chairman and executive director at Prada Group. “The group delivered high-quality growth in revenue and profits, building on outstanding creative momentum, further improving its profitability and stepping up investments to support the growth of tomorrow. Innovation, dynamism and flexibility will be even more key to our success in 2024, and I am confident that our reinforced organization will be able to further evolve the group.”
On a regional basis, Prada Group’s retail sales in Asia Pacific climbed 17% to reach €1.44 billion EUR, while that figure in Europe increased 10% to hit €1.31 billion EUR. In the Americas, the company’s retail sales declined by 2%, but the figure was flat with currencies adjusted. Japan posted the highest sales increase, with a 31% jump to €484 million EUR.
“Looking ahead, we are mindful of this high comparison base as well as persisting macro and geopolitical uncertainties,” said Andrea Guerra, Prada Group’s CEO. “Against this backdrop, our priority for 2024 remains to drive brand desirability and retail excellence further. As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth.”
See the Prada Group’s full financial report for 2023 here.
