-By Mansi Suryavarshi.
INSIGHTS
- Despite the uncertain economy, Prada Group recorded a 22% YoY rise in Q1 FY23 net revenues, hitting €1,065 million.
- Retail sales increased 23% YoY to €953 million, with Asia Pacific, Europe, and Japan all seeing significant increases.
- All product categories had double-digit growth, and retail sales for the Prada brand rose by 21% year over year.
Net revenues for the Prada Group reached €1.065 billion in the first quarter (Q1) of fiscal 2023 (FY23), an increase of 22% year over year (YoY). Despite the macroeconomic environment’s uncertainty, there has been strong growth.
In Q1 FY23, the company’s retail sales increased 23% YoY to €953 million, led by full price and like-for-like sales. In the Asia Pacific area, Prada Group saw a considerable uptick in business, with retail sales rising by 22% year over year. Europe had steady growth as well, up 28% YoY, while Japan saw steady growth as well, up 55% YoY. The Middle East witnessed a 15% YoY gain, while Americas saw a 5% YoY increase, according to the company’s financial figures for the first quarter ended March 31, 2023.
In Q1 FY23, all product categories saw double-digit increase. Sales of footwear climbed by 20% YoY, ready-to-wear sales jumped by 38% YoY, and sales of leather items increased by 14% YoY.
Retail sales for the Prada line increased by 21% year over year. Sales for the Miu Miu brand increased by 42% YoY, which was another remarkable acceleration.
“We ended the first quarter with good growth in all product categories and regions, and we kept building the appeal of our brands. Despite the complexity and constant change of the global environment in which we operate, our strategic goals are clear, our organization is stronger, and the company continues to be reactive. We are confident about the future and are committed to stick to our course of steady and sustainable growth, according to Patrizio Bertelli, chairman and executive director of the Prada Group.
