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Luxury demand in Asia and Europe aids an increase in Prada’s earnings.

Published: July 29, 2023
Author: Fashion Value Chain

Prada SpA announced higher profits as a result of consumers in Europe and Asia splurging on Prada loafers and Miu Miu handbags.

On an adjusted basis, operating profit increased 49% to €491 million ($547 million) in the first half, according to Hong Kong-listed Prada. €457 million was what analysts predicted.

The most recent styles from Prada and Miu Miu have gained popularity among fashionistas all around the world. Miuccia Prada, the granddaughter of the label’s founder, and Patrizio Bertelli have reorganised the fashion group’s management, with Andrea Guerra taking over as the co-chief executive officer position.

Sales were just below of expectations at €2.2 billion, up 20% at current exchange rates. Every region saw an increase in revenue save from the Americas, where retail sales fell 1%.

Both the women’s and men’s collections at Prada are doing well, the business reported. In the second half, Prada and Adidas AG revealed a collection of high-end football cleats. The business reported that the Wander and Arcadie handbags by Miu Miu sold well.

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