MILAN – The Prada Group ended 2024 with a powerful set of outcomes, reporting positive aspects in revenues and profitability, progress throughout all its key markets and a report yr for Miu Miu, which noticed a 93 % improve in retail gross sales.
Within the 12 months ended Dec. 31, group revenues rose 15 % to five.43 billion euros, in contrast with 4.72 billion euros in 2023. At fixed change charges, they had been up 17 %.
Internet revenue climbed 25 % to 839 million euros in contrast with 671 million euros in 2023.
The group reported a wholesome steadiness sheet with a web money place of 600 million euros, hovering up from 197 million euros in 2023.
“We’re happy to see that our technique continued to ship above-market efficiency, however the difficult surroundings,” mentioned Patrizio Bertelli, Prada Group chairman and government director. “This success underscores the enduring relevance of our manufacturers, which comes from an unwavering give attention to product innovation, high quality, craftmanship and a novel potential to learn contemporaneity. Drawing on multi-year funding initiatives throughout industrial capability and know-how, our manufacturing platform and our folks proceed to be a differentiator in an ever-evolving sector that calls for high quality, agility and effectivity.”
Bertelli additionally underscored the group’s “robust hyperlink with tradition and inventive dynamism” that enables it to broaden its boundaries, citing Luna Rossa’s participation within the thirty seventh Americas Cup and the partnership on know-how and design with Axiom Area to design the brand new NASA lunar spacesuits for the Artemis mission.
“Our group and its group have strengthened over the previous years and however the uncertainties round us, now we have entered 2025 with confidence persevering with to work and make investments for long-term sustainable progress,” concluded Bertelli.
Final yr, working revenue was up 21 % to 1.28 billion euros, with margin additional increasing at 23.6 %.
Gross margin elevated 14 % to 4.33 billion euros in contrast with 3.8 billion euros.
Group retail gross sales amounted to 4.85 billion euros, up 16 % in contrast with 4.2 billion euros in 2023, pushed by like-for-like, full value volumes. The fourth quarter additionally confirmed progress, as revenues at fixed change charges rose 18 %.
Retail gross sales of the Prada model had been up 4 % at fixed change charges in 2024, sustained by all classes and by a constant like-for-like progress trajectory supported by a well-balanced class combine.
Miu Miu continued its stellar progress, up 93 %, lifted by all classes and areas.
Miu Miu’s Chinese language New Yr marketing campaign.
Courtesy of Miu Miu
“We ended 2024 with very constructive outcomes throughout our manufacturers, marking 4 consecutive years of double-digit, like-for-like progress, coupled with margin enlargement and money era, leading to a really sound steadiness sheet,” mentioned Andrea Guerra, group chief government officer. “We continued to make progress when it comes to model desirability, retail productiveness and power of our group, with disciplined and rigorous execution throughout the board. Over the yr, Prada confirmed its strong progress trajectory and Miu Miu reached a complete new degree of visibility and scale, pushed by a well-diversified complete look providing. Wanting ahead, whereas being aware that the complicated trade dynamics are prone to persist, our priorities stay unchanged.”
He remarked on the “clear alternative to proceed to drive market share” at Prada, whereas eyeing consolidation for Miu Miu. To that finish, the group “will proceed to sharpen the positioning of our manufacturers, to counterpoint product portfolios and to foster buyer engagement. Our investments throughout retail, industrial capabilities and know-how will proceed to assist our progress and the group in its evolutionary journey. For the yr forward, we retain our ambition to ship strong, sustainable, and above-market progress,” Guerra mentioned.
The group noticed double-digit progress in Asia Pacific, Europe, Japan and the Center East. Enterprise within the Americas improved sequentially, exhibiting double-digit progress within the second half of 2024.
Retail gross sales in Asia Pacific rose 11 % to 1.6 billion euros, regardless of the difficult market situations within the area. Enterprise improved within the fourth quarter throughout all foremost areas.
Gross sales in Europe rose 17 % to 1.53 billion euros, supported by each home and vacationer spending.
The Americas progressed positively all year long, up 8 % to 830 million euros, getting into double-digit territory within the second half.
Japan was the very best performing area in 2024, rising 36 % to 656 million euros, boosted by home and vacationer spending. At fixed change charge, gross sales rose 46 %.
The Center East additionally achieved a strong efficiency all year long, up 26 % to 227 million euros.
Capital expenditure totaled 493 million euros. In 2023, capex amounted to 753 million euros.