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Prada sales jumped 22 percent in the first quarter, beating consensus estimates. The company reported a strong rebound in Asia and shook off fears of a slowdown in the US, where softer demand hit some rivals like Gucci-owner Kering and Ferragamo at the start of the year.
Retail sales at the group’s flagship Prada brand grew 21 percent, while Miu Miu accelerated sharply, with sales up 42 percent. After struggling to grow for years, Miu Miu has attracted attention with a spate of buzzy collections that remixed preppy office-wear, university dress and early 2000s sexiness.
Prada has brought in a new team of top managers to help ease a generational transition between longtime co-CEOs Miuccia Prada and Patrizio Bertelli and their eldest son Lorenzo Bertelli, the 35 year-old executive who has spearheaded recent efforts in marketing, technology and sustainability. A new group CEO, Andrea Guerra, and a CEO for the Prada brand, Gianfranco d’Attis, joined the company this year, following the nominations of a new chairman and CFO.
Thursday’s results announcement was the first time Prada has released quarterly figures, part of a bid to be more transparent and regular in its updates to investors after years of updating the market only every 6 months.
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Sales in Asia-Pacific grew 22 percent after an end to coronavirus restrictions in the key Chinese market. A resumption of long-haul travel by Chinese shoppers should benefit sales in Europe as well, starting in the second half of the year, Guerra said in a call with investors.
In the US, structural trends supporting luxury remain unchanged, but the market is currently in a “period of stabilisation” after two years of surging sales, Guerra added. Sales in the Americas grew 5 percent excluding currency shifts.
