Prada Group: Net revenues up 17 percent in FY 2024

Prada Group to grow net revenues in 2024. The company, which owns the brands Prada and Miu Miu, Church's, Car Shoe, Marchesi 1824 and Luna Rossa, recorded net revenues of 5.4 billion euros, 17 percent compared to 2023, above the market average. Strategic capacity and product quality, despite the challenging sector, are the basis of growth, as explained by Patrizio Bertelli, chairman and executive director of the Prada Group during the conference call with analysts and the press. Bertelli emphasized that the company looks confidently to 2025.

Retail sales amounted to 4.8 billion euros

Retail sales were 4.8 billion euro, up 18 percent year-on-year, driven by like-for-like and full price volumes. In the fourth quarter, retail sales grew by 18 percent year-on-year. Looking at individual brands, Prada achieved a 4 percent growth in retail sales, compared to 2023, Miu Miu recorded a record growth, reaching 93 percent. The performance was driven by all product categories and geographical areas, closing the year with a fourth quarter increase of 84 percent.

The company, led by CEO Andrea Guerra, recorded a further increase in profitability with an Ebit margin of 23.6 percent, equal to 1.3 billion euros. Group net profit amounted to 839 million euros, up 25 percent year on year.

Regarding rumors about a possible acquisition of Prada and Jimmy Choo, Guerra reiterated during the conference call that the company does not comment on rumors.

Europe recorded a growth of 18 percent

Asia Pacific, Europe, Japan and the Middle East recorded double-digit growth. The latter area recorded a solid performance over the year, up 26 percent supported by local demand and tourist flows.

Europe recorded 18 percent growth over the year, supported by domestic consumption and tourism. Japan was the geographical area with the best performance in 2024, up 46 percent, supported by particularly solid local demand, but also by positive tourist flows.

"Thanks to multi-year investments in capacity and industrial know-how, our manufacturing platform and our people are differentiating in an ever-changing industry context that demands quality, agility and efficiency," Bertelli added in a statement.

"Over the past 12 months, Prada has confirmed its solid growth trajectory and Miu Miu has reached a new level of visibility and scale, driven by a well-diversified total look offer. Looking ahead, while aware of the persistent complexities of the sector, we confirm our strategic priorities. For Prada there is a clear opportunity to continue to gain market share, while for Miu Miu the objective is to consolidate its success; to this end, we will continue to make the positioning of the brands increasingly incisive, enrich the product portfolio and foster dialogue with customers", stated Andrea Guerra, CEO of the Group.

The board of directors proposes to the shareholders' meeting, called for next April 30, the distribution of a dividend of 0.164 euros per share.

For 2025, the company expects growth above the market average.