Prada Group has reported substantial growth for its 2024 financial year results, which it says outperformed the market.
The luxury fashion group recorded net revenues of €5.4 billion, marking a 17% year-over-year increase, significantly outperforming the market.
Retail sales reached €4.8 billion, up 18% year-over-year, fuelled by like-for-like and full-price volumes. The company also saw a consistent fourth quarter, with retail sales again rising 18% year-over-year.
The Prada brand achieved a 4% year-over-year increase in retail sales, with Q4 maintaining steady growth at 4%, accelerating from the third quarter and supported by all product categories. Miu Miu stood out with organic growth of 93% year-over-year, ending the year with a Q4 growth of 84%, bolstered across all categories and regions.
Geographically, Japan led the growth with a 46% increase, driven by strong domestic demand and positive tourist flows. Europe followed with an 18% rise, supported by both local and tourist spending. The Middle East saw robust growth of 26%, while the Asia Pacific region achieved 13% growth despite challenging market conditions. The Americas recorded a 9% increase, entering double-digit growth in the second half of the year.
Prada Group also reported margin improvements, with its EBIT margin rising to 23.6%, equivalent to €1.3 billion. Group net income surged 25% year-over-year to €839 million.
Group CEO Andrea Guerra said: “We ended 2024 with very positive results across our brands, marking four consecutive years of double-digit, like-for-like growth, coupled with margin expansion and cash generation, resulting in a very sound balance sheet. We continued to make progress in terms of brand desirability, retail productivity and strength of our organisation, with disciplined and rigorous execution across the board.”
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