Prada, revenues growing by 12%. Miu Miu boom: +58%
Prada concludes another year of double-digit growth, with improved profitability and notable success for Miu Miu, which is experiencing a golden moment with a 58% increase in revenues. The 2023 turnover of the group chaired by Patrizio Bertelli reaches 4.7 billion euros (+17% compared to 2022), with revenues in directly managed stores growing to 4.2 billion euros (+17%), thus marking 12 consecutive quarters of progress with the same perimeter. The Prada brand recorded an increase of 12% while that of Miu Miu of 58%, thanks above all to performances in Japan, Asia Pacific and Europe, as reported by La Repubblica.
Operating profit rose to 1.1 billion euros, with a margin of 22.5% on sales, while net profit grew by 44% to 671 million euros. “We are satisfied”, says Bertelli, president and CEO of the group, “with the high-quality growth recorded in terms of revenues and margins, as well as with the growing investments aimed at supporting future growth”.
Despite investments increasing to 759 million euros, the group had a positive net financial position of 197 million euros at the end of December. Andrea Guerra, CEO of the luxury group, comments: “This result was possible thanks to the growing attractiveness of our brands, supported by a combination of product initiatives, ccommunication and retail”.
These considerations lead Guerra to be optimistic for 2024 as well.”Looking ahead, we are aware of the persistent uncertainties in the geopolitical and macroeconomic environment. In this scenario, our priority for 2024 remains to pursue excellence in the retail channel.”