MILAN (Reuters) – Italian fashion group Prada reported a 10% rise in third quarter revenues on Tuesday as a strong performance in Asia and Europe helped to compensate for weakness in the Americas.
For the first nine months of the year net revenues totalled 3.34 billion euros ($3.6 billion), a rise of 17% at constant exchange rates, with the ready-to-wear category showing the fastest growth and the Miu Miu brand also expanding rapidly.
“We continue to see positive momentum in the business and strong excitement around our brands, positioning us well for Q4 and vis-à-vis our ambition to deliver solid, sustainable, and above-market growth in 2023,” Chief Executive Andrea Guerra said.
Guerra told a subsequent conference call that he was also happy with the way that October had gone, noting that November and December were more important months for its business.
The weak spot was the Americas where retail sales fell 1.3% over the nine months, offset by growth in the Asia Pacific, Japan and European markets.
Rivals in the luxury sector have also been hit by slowing demand for fashion and accessories, particularly in the United States and Europe.
Guerra said Prada and Miu Miu had raised prices in a range of 4-6% this year and that trend was likely to be similar in 2024.
Prada, whose brands also include classic English shoemaker Church’s, is listed on the Hong Kong stock market. ($1 = 0.9379 euros)
(Reporting by Elisa Anzolin; Writing by Keith Weir)