Prada Group Kicks Off 2024 With 12% Retail Sales Surge
Prada Group has reported a robust start to 2024, with overall retail sales surging 12% year over year. This positive trend was driven by strong performances across various brands and regions. Meanwhile, wholesale sales saw a minor dip of 1% in the first quarter.
Miu Miu, a luxury fashion brand under the Prada Group umbrella, witnessed an impressive 89% increase in retail sales. This remarkable growth can be attributed to several factors, including the success of the fall-winter 2024 runway show, popular leather goods, promotional campaigns, and a high-profile collaboration with New Balance and Church's. Despite speculation, no specific licensing agreement with L'Oréal for Miu Miu Beauty was mentioned in the reports, although a recent pop-up event in Paris gained attention.
The Prada brand itself contributed significantly to this growth, with retail sales rising 7%. The strong fall-winter 2024 runway presentations and the enduring popularity of the Buckle Bag were key drivers behind this increase. The group's CEO, Andrea Guerra, lauded the company's solid and above-market growth in Q1 2024. This positive trend was consistent across all regions, with the Americas and Japan reporting growth of 4% and 29% respectively. The group's Q1 net revenue reached 1.2 billion euros, approximately $1.3 billion.
Prada Group's first quarter of 2024 has shown promising results, with overall retail sales rising significantly. Despite a slight decrease in wholesale sales, the group's strong performance across its brands and regions indicates a positive trajectory for the year ahead.
