13 March 2024

Prada - ‘Brand desirability’ delivers growth for Prada

Group president, Patrizio Bertelli, and chief executive, Andrea Guerra, have both highlighted “brand desirability” as one of the key elements of a successful 2023 for Prada. By Leatherbiz.

The group has reported revenues of more than €4.7 billion for 2023, an increase of 13% compared to the year before. Revenues rose by 10% in Europe, by 8% in the Middle East, by 31% in Japan and by 17% in the rest of Asia. Prada’s sales in the Americas were down by 2% year on year.

On announcing the results, Mr Bertelli said the desirability of the group’s brands, Prada, MiuMiu and Church’s, had underpinned this growth. He added that the appeal of the group’s brands was the result of “outstanding creative momentum”.

For his part, Mr Guerra said the quality of Prada products, as well as retail and communication initiatives had also contributed to this desirability.

Among its 2023 achievements, the group included a figure of 75% for the proportion of its leather and textile suppliers that have joined the Zero Discharge of Hazardous Chemicals (ZDHC) programme.

The group includes five tanneries and ten leathergoods manufacturing facilities on its official supplier list. The majority of these suppliers are owned by the group.

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