Dive Brief:
- Prada Group posted unaudited first quarter 2025 revenue of 1.3 billion euros, or about $1.5 billion, up 12.5% year over year, according to a Wednesday earnings report.
- Retail net sales for the period were up 13% to 1.2 billion euros, driven by a 60% year-over-year jump at Miu Miu, which posted 377 million euros in sales for the period.
- Prada brand retail sales were down 0.2% to 827 million euros, against what the company’s press release called “the highest quarterly comps of 2024.”
Dive Insight:
The results come about three weeks after the announcement that Prada Group planned to acquire Versace from Capri Holdings for $1.4 billion. In its Wednesday press release, Prada said the deal is expected to close in the second half of the year, pending regulatory approvals.
While the release did not discuss the Versace acquisition in detail, Prada Group Chairman and Executive Director Patrizio Bertelli said the company believes “it is essential to continue to invest with a long-term mindset.”
Prada Group continues to outperform luxury peers, including LVMH, at a challenging time for the sector.
Bertelli said the company was pleased with the company’s Q1 performance amid what he called “an increasingly turbulent and uncertain landscape,” and added that the current environment required agility and flexibility.
In Asia Pacific, the company’s largest region by sales, Prada Group posted a 10% year-over-year net sales increase to 438 million euros. Sales in Europe rose 14% to 334 million euros for the period, which the company attributed to both domestic and tourist spending in the region.
Despite what the company said was “increased volatility during the period,” sales in the Americas increased 10% to 201 million euro in Q1, and the company credited the boost to an uptick in local demand.
Elsewhere, sales in Japan rose 18% to 172 million euros, while sales in the Middle East were up 26.5% to 70 million euros.
“Looking ahead, our strategy remains centred on our brands, their relevance, creativity and marked sensibility in reading the spirit of the time,” CEO Andrea Guerra said in the release. “Sharp execution will be key in this environment.”
