Even Prada later Lvmh e Hermes, is among the major luxury brands to close the first quarter with a double-digit increase in revenues. The group chaired by Patrick Bertelli for the first time since it was listed on Hong Kong in 2011, announced the results of an exceptional quarter closed with revenues up 22% to 1,065 billion, a milestone that suggests that the group will far exceed the 4 billion revenue targets announced in the business plan announced at the end 2021 and already surpassed at the end of 2022 (4.2 billion in revenues, +21% on 2021). “We look to the future with confidence – declared Bertelli – determined to continue our path of stable and sustainable growth”.
Hermès as Lvmh unbridled luxury from the USA to China
of Sarah Bennewitz
And in detail, directly managed stores increased sales by 23%, due to the strategy of controlling distribution to the detriment of the wholesale channel (+9%). Leather goods, which is the highest-margin segment, increased sales by 14%, footwear by 20% and apparel from the Raf Simons and Miuccia Prada designer collection jumped up by 38% compared to the first quarter of 2022 The best growth was recorded by the Miu Miu brand (+42%), with Prada up 21%. Geographically, the best performance was recorded in Japan (+445), followed by Europe with a 28% increase in sales for the quarter, and then by Asia (+22%) driven by the reopening of China, which contributes for over a third (360 million) of the group’s turnover.
Luxury according to Zegna
of Sarah Bennewitz
“During the first quarter, China once again became one of the major growth engines,” he explains Andrew War, new CEO of the group – generating a clear recovery in sales in the Asia Pacific area. For the current year, the focus remains on the retail channel and on increasing store productivity”.