Prada Group’s annual net revenue grew amid higher retail sales despite cost of living pressures in many international markets.

The luxury retailer’s net revenue increased 17.2 per cent to €4.7 billion (US$5.15 billion) as retail sales rose 17.2 per cent to €4.2 billion (US$4.60 billion).

Prada brand’s net sales climbed 12.1 per cent, while Miu Miu surged 58.2 per cent and other net sales rose 19.4 per cent. Church’s fell 12.7 per cent.

Net income surged 44.2 per cent to €671 million (US$734.6 million).

“Looking ahead, we are mindful of this high comparison base as well as persisting macro and geopolitical uncertainties,” Prada Group CEO Andrea Guerra said.

“Against this backdrop, our priority for 2024 remains to drive brand desirability and retail excellence further.”