3 November 2023

Luxury - Strong ‘brand excitement’ brings growth for Prada


Luxury group Prada has reported revenues of more than €3.3 billion for the first nine months of 2023. This represents an increase of 17% year on year, writes Leatherbiz.

Across product categories, the group said its leathergoods division had increased revenues by 8% year on year, and footwear by 16%. Its ready-to-wear business achieved growth of 32%.

In terms of geography, the figures show a clear dominance of sales in Asia. There was growth over the nine-month period in Japan of 34%, reaching €334 million. Growth in the Middle East was 10%, reaching €125 million.

Prada, and most other companies, count the rest of Asia separately, calling it Asia-Pacific. This includes huge markets such as China, India and South Korea. The figure for that region for January-September 2023 was more than €1 billion, an increase of 15%.

Europe contributed €941 million, growth of 13%, while revenues in the Americas were €536 million, a decline of 3% year on year (the only region where revenues fell).

Commenting on the results, chief executive, Andrea Guerra, said: “Against an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands, positioning us well to deliver solid, sustainable, and above-market growth in 2023.”

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