The Prada Group has posted double-digit growth for the fourth consecutive year, bucking the luxury sector slide amid talk of a possible Versace acquisition
ByCOLLEEN BARRY Associated Press
ROME — The Prada Group on Tuesday posted double-digit growth for the fourth consecutive year, bucking the luxury sector slide amid talk of a possible Versace acquisition.
The group, which owns the Prada and Miu Miu fashion brands along with Church’s footwear, reported a 17% boost in revenues to 5.4 billion euros ($5.7 billion) last year from 4.7 billion euros in 2023. Retail sales rose 18% to 4.6 billion euros in the period.
The Prada brand, which accounts for the bulk of earnings, reported sales were up a solid 4%, while they nearly doubled at younger Miu Miu. The Prada Group results are against market trends, with the luxury sector as a whole contracting last year for the first time since the Great Recession.
“This success underscores the enduring relevance of our brands, which comes from an unwavering focus on product innovation, quality, craftmanship and a unique ability to read contemporaneity,’’ said Prada Group Chairman Patrizio Bertelli.
Prada has been eyeing the possib