Prada Group is defying the slowdown in the luxury market, posting a strong 18% increase in net revenues for the first nine months of the year compared to the same period last year. This growth is notable given the challenging economic climate impacting many luxury brands.
Much of this momentum came from Miu Miu, which delivered an impressive retail sales increase of 105% in the third quarter alone. The brand’s unique blend of playful, youthful style, often described as “empowered girlishness,” has resonated with a wide range of customers, boosting its popularity across demographics. This surge builds on Miu Miu’s 58% growth from the previous year, showing sustained interest in the brand’s fresh approach to fashion.
Though Prada’s main brand saw some slowing in retail sales compared to the first half of the year, it still showed a 2% increase in the third quarter, keeping overall growth in positive territory. The Prada Group’s focus on innovative products and culturally relevant marketing strategies has allowed it to stand out in a challenging market. These factors are helping Prada maintain cultural relevance, setting it apart from competitors like LVMH and Kering, both of which experienced significant sales declines in recent months, with LVMH fashion sales down 5% and Kering’s overall revenues plunging by 15%.
Prada joins Hermès and Brunello Cucinelli as one of the few luxury players still seeing positive growth, marking it as a brand to watch.
