A man sits on a bench reading a newspaper next to a billboard of Italian luxury fashion brand Prada, on Navona Square on April 27, 2025. (Photo by Stefano RELLANDINI / AFP)
Milan, Italy: Luxury Italian fashion group Prada, which recently acquired its smaller rival Versace, reported Wednesday a 12.5 percent increase in sales in the first quarter, with strong performances in all markets.
The group's revenue reached 1.34 billion euros ($1.52 billion), according to a press release.
Prada group Chairman and Executive Director Patrizio Bertelli welcomed the "solid performance" in "an increasingly turbulent and uncertain landscape".
The slowdown in luxury goods consumption worldwide, particularly in China, is affecting almost all of Prada's competitors, which have recorded drops in sales and profits.
In fact, sales of the Prada brand, which represents more than two-thirds of the group's total revenue, declined slightly, by 0.2 percent in the first three months of the year.
But sales of its Miu Miu brand, which targets a younger clientele and represents 31 percent of total revenue, jumped by more than 60 percent.
In the Asia-Pacific region, the group's largest market, retail sales increased by 9.6 percent to 437 million euros, while sales in Japan increased by 18 percent to 172 million euros.
In Europe, retail sales increased by 14.3 percent to 334 million euros, driven by local and tourist demand.
Retail sales in the Middle East, which are more modest in volume and value, representing 70 million euros, also saw a strong increase of 26.5 percent, while sales in the US market increased by 9.9 percent to 201 million euros.
Prada announced earlier this month that it was acquiring its rival Versace from the US group Capri Holdings for 1.25 billion euros.
