Prada Group continues to defy luxuryâs downturn, reporting nine-month net revenues up 18 percent year-on-year.
Growth was powered by Miu Miu, whose wonky yet wearable wardrobe wrapped in a message of empowered girlishness for all ages fuelled retail sales that more than doubled in the third quarter, rising 105 percent year-on-year. The eye-popping expansion is all the more impressive as it comes on top of 58 percent growth last year.
Pradaâs retail sales slowed compared to the first half of the year, but remained in positive territory. Third-quarter retail sales rose 2 percent year-on-year.
The groupâs emphasis on innovative products and marketing activities that maintain its cultural clout has helped the group to continue to outperform rivals in a slowing luxury market, which has seen sales sputter for even the industryâs biggest and most powerful players. LVMH reported fashion sales down 5 percent in the third quarter; Gucci owner Keringâs revenues plunged 15 percent.
Prada, Hermès and Brunello Cucinelli are the only brands to have reported rising sales this quarter.
Stay tuned to BoF for updates on this developing story.
