Prada sales slow despite strong Miu Miu label performance

Prada sales slowed as the Italian fashion company experiences a cutback in luxury demand that other competitors are also facing. Its hip Miu Miu brand is proving resilient, though.

Net revenue in the third quarter came in at €1.11 billion ($1.9 billion), the company said Tuesday, missing analysts’ estimates. The Prada label, which accounts for more than 80 per cent of sales, saw its growth slow to 5 per cent in the quarter, down from 15 per cent in the previous one.