PRADA sales jumped as the Italian group saw strong demand for some of its hippest products, like brushed leather loafers and Miu Miu pumps.
Net revenue rose 17 per cent at constant exchange rates to 4.73 billion euros (S$6.86 billion) last year, the fashion group said on Thursday (Mar 7). Analysts had expected 4.67 billion euros.
In the fourth quarter, Prada was the “hottest” name on the Lyst index, which tracks searches and social media mentions for brands and products. Miu Miu a subsidiary of Prada was No 2. Prada’s brushed leather loafers, which sell for 930 euros, were among the most searched-for products, Lyst said.
Miu Miu, although smaller, has been popular with shoppers who view it as a trend-setter. The label unveiled its autumn/winter collection in Paris this week with models wearing sunglasses, long-sleeved gloves and cropped leather jackets. Sydney Sweeney, the actress best known for her role in the HBO series Euphoria, was among celebrities in attendance.
Retail sales for the brand jumped 82 per cent in the last quarter of 2023 compared with a 10 per cent rise at Prada.
The group’s results follow a mixed performance by its luxury peers as the sector weathers a slowdown from the post-pandemic boom years. Shares of Prada have gained 25 per cent in Hong Kong just since the year began, outpacing rivals including LVMH Moet Hennessy Louis Vuitton and Kering.
Overall, Asia Pacific excluding Japan, its biggest region, saw annual retail sales jump 24 per cent, while the Americas were flat. Japan sales soared 44 per cent. Earnings before interest and taxes, meanwhile, beat estimates.
Looking to 2024, chief executive officer Andrea Guerra said the fashion house is mindful of “persisting macro and geopolitical uncertainties,” but still intends to deliver above-market growth. BLOOMBERG
