Prada sales rise 17% in 2023, driven by Asia and Miu Miu brand
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Prada’s adjusted operating profit rose 26 per cent to €1.06 billion in 2023.
PHOTO: BLOOMBERG
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MILAN – Italian luxury group Prada said on March 7 that its 2023 net revenues rose 17 per cent at constant exchange rates, driven by growth in Asia and the outstanding performance of its Miu Miu brand, and expects to outperform the market in 2024.
The group’s net revenues totalled €4.7 billion (S$6.86 billion) in 2023, broadly in line with analysts’ expectations, after a “very positive” fourth quarter, which also showed a 17 per cent sales increase.
The two first months of 2024 showed a similar trend to the one reported in the fourth quarter, Prada chief executive Andrea Guerra told analysts in a conference call.
In 2023 as a whole, sales in the Asia-Pacific region rose 24 per cent, Europe grew 14 per cent after slowing down in the second half, and sales in the Americas were flat.
Prada’s adjusted operating profit rose 26 per cent to €1.06 billion in 2023.
“As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth,” Mr Guerra said in a statement.
The group, which owns the eponymous brand as well as Miu-Miu, Church’s and Car Shoe, proposed a dividend of 13.7 euro cents per share. REUTERS
