By
Bloomberg
Published
Mar 7, 2024
Prada SpA 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% at constant exchange rates to €4.73 billion ($5.15 billion) last year, the fashion group said Thursday. Analysts had expected €4.67 billion.
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 was No. 2. Prada’s brushed leather loafers, which sell for €930, 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% in the last quarter of 2023 compared to a 10% 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% in Hong Kong just since the year began, outpacing rivals including LVMH Moet Hennessy Louis Vuitton SE and Kering SA.
Overall, Asia Pacific excluding Japan, its biggest region, saw annual retail sales jump 24%, while the Americas were flat. Japan sales soared 44%. 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.
Miuccia Prada, the granddaughter of the group’s founder, is creative director at Miu Miu and splits those duties at Prada with Raf Simons.