Italian fashion brand Prada's revenue soars 17% in FY23

07 Mar '24

2 min read

Pic: K.A - stock.adobe.com

Insights

Prada Group's FY23 revenue soared to €4.7 billion ($5.12 billion), a 17 per cent YoY increase, with retail sales also up 17 per cent at €4.2 billion ($4.57 billion).
The Prada and Miu Miu brands demonstrated growth, with Miu Miu's sales rising 58 per cent YoY.
Japan, Asia Pacific, and Europe led in sales performance.
EBIT margin reached 5 per cent.

Italian luxury fashion house Prada Group has reported a net revenue of €4.7 billion (approximately $5.12 billion) in fiscal 2023 (FY23), marking a significant increase of 17 per cent year-on-year (YoY) at constant currency rates. Retail sales similarly surged by 17 per cent YoY, reaching €4.2 billion (approximately $4.57 billion), with the fourth quarter alone mirroring this growth rate.

The company's success is underscored by its consistency, with 12 consecutive quarters of high-quality like-for-like growth. Prada brand continued to experience strong demand, achieving double-digit, above-market retail growth of 12 per cent YoY. Miu Miu brand outperformed expectations, with an exceptional retail growth rate of 58 per cent YoY.

Geographically, Japan led the way with outstanding sales performance, closely followed by the Asia Pacific region and Europe, indicating a widespread appeal of Prada's offerings across key markets, the company said in a press release.

Profitability saw further enhancement, with earnings before interest and taxes (EBIT) margin reaching 5 per cent, translating to €1.1 billion (approximately $1.19 billion). This financial stability is further evidenced by the Group's net income, which saw a 44 per cent increase YoY to €671 million (approximately $731 million).

“We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability. The group delivered high-quality growth in revenue and profits, building on outstanding creative momentum, further improving its profitability, and stepping up investments to support the growth of tomorrow,” said Patrizio Bertelli, Prada Group chairman and executive director.

Fibre2Fashion News Desk (DP)

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