Italian luxury group Prada reported a 17% rise in its 2023 net revenues at constant exchange rates, driven by growth in Asia and the outstanding performance of its Miu Miu brand. It expects to outperform the market this year.
Last year, the group’s net revenues amounted to 4.7 billion euros ($5.1 billion), aligning closely with analysts’ forecasts. The “very positive” fourth quarter also exhibited a 17% increase in sales.
During a conference call with analysts, Prada’s Chief Executive Andrea Guerra remarked that the first two months of 2024 exhibited a trend similar to that observed in the fourth quarter.
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Throughout 2023, sales in the Asia Pacific region surged by 24%, while Europe experienced a 14% growth rate, albeit slowing down in the latter half of the year. Conversely, sales in the Americas remained stagnant.
Last year, Prada witnessed a 26% increase in its adjusted operating profit, reaching 1.06 billion euros.
“As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth,” CEO Andrea Guerra said in the statement.
The conglomerate, which holds the eponymous brand along with Miu Miu, Church’s, and Car Shoe, suggested a dividend of 0.137 euros per share.
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