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Prada's net revenues increased by 22% in the first quarter of FY23

"The Prada Group announced great growth in the first quarter (Q1) of fiscal 2023 (FY23), with net revenues reaching €1,065 million, a 22% year-on-year (YoY) rise. Despite the uncertain macroeconomic situation, this significant expansion continues."

The Fashion Enthusiast
Prada's net revenues increased by 22% in the first quarter of FY23

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Retail sales increased by 23% yearly to €953 million in Q1 FY23, driven by like-for-like and full-price sales. Prada Group saw a substantial resurgence in the Asia Pacific market, with retail sales increasing by 22% yearly. A sustained increase was also noted in Europe, which was up 28% year on year, and Japan, which was up 55% year on year. Meanwhile, the Americas increased by 5% year on year, while the Middle East increased by 15% yearly, according to the company's financial statistics for the first quarter, which ended March 31, 2023.

In Q1 FY23, all product categories grew by double digits. Leather goods sales increased by 14% year on year, ready-to-wear sales jumped by 38% year on year, and footwear sales increased by 20% year on year.

Retail sales for the Prada brand increased by 21% year over year. Furthermore, the Miu Miu brand experienced a significant acceleration, with sales increasing by 42% year on year.

"We finished the first quarter with solid growth across all product categories and geographies, and we continued to consolidate the desirability of our brands." The global setting in which we operate remains complex and dynamic, but our strategic priorities are clear, our organization is more vital, and the group stays reactive. "We are optimistic about the future and determined to maintain our steady and sustainable growth," stated Patrizio Bertelli, chairman, and CEO of the Prada Group.

 

Adapted from Fibre2Fashion

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Linda Maria

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Linda Mariya is a New Jersey-based writer and editor who is covering fashion, beauty, celebrity, and models. She is currently the Senior Editor at The Fashion Enthusiast

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