Prada Groupâs first-quarter revenues rose 13 percent year-on-year to â¬1.34 billion ($1.52 billion), the Milan-based luxury fashion firm said. Sales were flat at flagship brand Prada, while Miu Miu continued its surge with sales up 60 percent.
The groupâs continued expansion stands in contrast to the wider industry, which has suffered from slowing global growth and inflation, as well as customer fatigue. Sales at LVMHâs key fashion and leather goods unit fell 5 percent in the quarter, while Gucci-owner Kering reported a 14 percent drop.
Prada is aiming to establish a new vector of growth with its acquisition of Versace for â¬1.25 billion, announced last month. The deal is expected to close in the second half of the year.
âThe current environment requires us to be agile and flexible; at the same time, we believe it is essential to continue to invest with a long-term mindset, preserving and developing craftsmanship and know-how, supporting our partners and strengthening our infrastructure,â chairman Patrizio Bertelli said.
Stay tuned to BoF for updates on this developing story.