Prada Reports 22 Percent Growth in Q1 Sales — Retail Bum

The Prada Group saw sales in the first quarter grow by 22% to $1.17 billion, thanks to continued demand in Europe and a rebound in the Chinese market.

The Italian luxury brand’s quarterly retail sales for Prada brand increased by 21% at constant exchange rates, whereas sales were up 42% for Miu Miu.

Prada benefited from an increase in demand in Europe, where sales were up 28% and the Asia Pacific region, excluding Japan, where the brand saw a 22% growth in retail revenue.

“Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific,” said Prada’s Chief Executive Officer Andrea Guerra. “Our priority for the year remains increasing store productivity, focusing on retail execution.”

And in the Americas, retail sales were up 5% at a constant exchange rate.

While the brand experienced a slowdown in the Americas, U.S. consumers are still continuing to shop overseas. A similar trend is also being observed among Chinese shoppers, many more of whom are expected to shop in Europe in the second half of the year, the Prada Group said.

“Americans are not as dynamic as during the past year, but they are buying especially in Europe,” Guerra said.

Originally published at https://retailbum.com on May 15, 2023.