China is once again an engine of growth – Corriere.it

After closing a record year that beat expectations on revenues and margins, Prada continues to grow in the first three months of 2023, recording net revenues of 1,065 million euros, up 22% compared to the same period last year year. “We closed the first quarter with solid growth, across all product categories and geographies,” the data commented Patrizio Bertelli, president and executive director of the Prada group —, and we continued to consolidate the desirability of our brands» also thanks to China which «is once again one of the engines of growth, generating a clear recovery in sales in the Asia Pacific area», where retail sales grew by 22 %. But they have also grown in all other geographical areas: in Europe, for example, retail increased by 28%, driven by tourism and local consumption, and Japan jumped by 55%. «For the current year, the focus remains on the retail channel and on increasing the productivity of the stores – underlined Andrea Guerra, managing director of the group – Furthermore, we will continue to invest in our brands, in our sales network and in our structures to support future growth.”

The success of the Fall/Winter 2023 fashion shows for men and women have consolidated the high desirability of the Prada and Miu Miu brands. «It is our focus to which we dedicate time, effort and investment» added Guerra. Compared to the first quarter of 2022, retail sales grew by 23% to 953 million and by 14% on the fourth quarter of last year. Those of Prada rose by 21% and those of Miu Miu jumped by 42%.

They grow up double-digit all product categories, mainly driven byclothing (+38%) followed by footwear (+20%) and leather goods (+14%) driven by new products and iconic lines. Although the global macroeconomic context remains uncertain and constantly evolving, “we see benefits in accelerating investments, if conditions continue to allow it,” added Guerra. A thought also confirmed by Bertelli who looks to the future “with confidence, determined to continue our path of stable and sustainable growth”.