MILAN (Reuters) – Third-quarter net revenues for Prada rose 17.7% at constant exchange rates, driven by double-digit retail sales growth in Asia and Europe and by the doubling of sales at the smaller Miu Miu brand, the Italian luxury group said on Wednesday. The main brand Prada reported a 1.7% increase in retail sales in […]
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Prada’s third quarter revenues up 17.7%, Miu Miu sales double
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MILAN (Reuters) – Third-quarter net revenues for Prada rose 17.7% at constant exchange rates, driven by double-digit retail sales growth in Asia and Europe and by the doubling of sales at the smaller Miu Miu brand, the Italian luxury group said on Wednesday.
The main brand Prada reported a 1.7% increase in retail sales in the period, slowing down compared to the previous quarter.
“We progressed through the year with another quarter of high-quality, like-for-like growth, supporting our positive trajectory in both revenue and margins,” Prada Chief Executive Officer Andrea Guerra said in a statement, adding that the group’s main brand showed resilience against sector headwinds.
The luxury sector is suffering a slowdown.
Earlier this month Kering reported that its revenues fell 16% on an organic basis and luxury bellwether LVMH missed expectations, flagging a drop in Chinese consumer confidence.
(Reporting by Elisa Anzolin, editing by Keith Weir and Alvise Armellini; Editing by Keith Weir)