Prada Group has released its 2022 financial results, achieving net revenue of more than €4 billion, reports ILM.

The company reported total revenue for the fiscal year of €4.2 billion, an increase of 21% year-on-year. Prada also highlighted its retail sales result of €3.7 billion, which was up 24%.

Within the retail channel, which reportedly saw sustained growth throughout the year, Prada noted that increases were balanced across its Leather Goods (up 18%), Ready To Wear (up 27%) and Footwear (up 29%) categories.

E-commerce achieved double-digit growth in 2022 following investments from the company, including improving the omnichannel experience. Prada noted that penetration remains stable at 7% of retail sales.

Regionally, Prada’s sales in the Asia Pacific fell by 2% year-on-year to €1.23 billion, impacted by the situation in China and offset by strong performances in South Korea and other parts of Southeast Asia.

Europe managed growth of 63%, reportedly sustained by domestic sales and an uptick in tourism. Meanwhile, the Americas grew by 22% year-on-year, thanks to a strong comparison base. Finally, Japan was up by 31% for the year with an acceleration in H2 and the Middle East grew by 23%.

Patrizio Bertelli, Executive Director of Prada Group, said: “Prada Group delivered excellent results in 2022, underpinned by brand momentum, greater client engagement and rigorous strategy execution. The Retail channel drove our performance, achieving strong and broad-based organic growth at both Prada and Miu Miu. We performed well across all product categories and geographies, more than offsetting weakness in China due to Covid-19.

“We continued to develop our sustainability capabilities and activities, ensuring they remained linked to the identities of our brands and relevant to our clients. The recent changes to our governance structure mark a fundamental evolution for the Group. In 2022, we further strengthened our positioning and our organisation, and in the current year we will accelerate the execution of our strategy. We intend to stay on a path of steady and sustainable growth as we work towards the full potential of our brands.”