Italian luxury giant Prada Group has reported a revenue growth of 16 per cent for the quarter ended March 31, generating US$1.18 billion (€1.1 billion).
The sales uptick was driven by the strong performance of Miu Miu, which posted 89 per cent year on year growth in revenue. Its flagship label Prada, which accounts for 77 per cent of the group’s sales, reported a 7 per cent increase in sales for the period.
“Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years,” said Andrea Guerra, group CEO at Prada Group.
The group’s retail sales in Asia Pacific were up 16 per cent year on year, while sales in Japan surged 46 per cent. Sales in Europe and Middle East jumped 18 per cent and 15 per cent respectively.
“While the industry is experiecing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth,” said Guerra.
Meanwhile, rival Kering Group has anticipated a decline of up to 45 per cent in operating income for the first half of this year after reporting a 10 per cent drop in revenue in the first quarter.
