Italian luxury fashion brand Prada kept growing even as the market for luxury remained tough. Prada’s sales have been rising over the past months, with most of the increases being in its successful Miu Miu brand. The sales of Miu Miu rose 105% from last year, causing Prada to climb higher than many of its competitors.
While Prada’s total sale increased by 18 percent, the main Prada brand grew only by 2 percent. That was still impressive, though less than Gucci, for which sales fell by 25 percent. The international luxury market is slowing with fewer people buying high-end merchandise, especially in China. Big companies like LVMH, which owns some of the most famous brands: Louis Vuitton among them, are growing a little slower, partly as a result of reduced Asia and Japan sales.
While Prada is short of the street, Asia has fared well better, where the company’s business is doing exceedingly well, especially in Japan and in the Middle East. According to Andrea Guerra, CEO, Prada “expects to grow even faster than competitors.” While, though Prada has indicated “that Asian markets are more challenging” due to its growth in Japan slowing.
Prada has managed to raise revenues of €3.8 billion in the first nine months of 2024, up 18%. That is much growth because, much of this is mainly contributed by Japan where sales have increased because of good demand from both locals and visitors.
From the creation of Miuccia Prada, Miu Miu used to be the “little sister” of Prada. Today, with the odd designs it always carried, this brand appeals to everyone. The trendy mini skirts and sparkling clothes sold up to €4,000 are worn by stars such as Nicole Kidman and young Asians. Miu Miu’s top executive, Benedetta Petruzzo, left recently for Dior’s management team; she officially joined last month.
Prada says it will remain an investment going into new stores, new technology, and new production with more attention to the individual as the luxury market continues toward recovery.
