Prada Group defies luxury slump as Miu Miu sales double

Retail revenues at Prada Group, which owns Prada and Miu Miu, rose 15% to €3.4bn (£2.8bn) during the nine months and wholesale sales were up 8% to €314m (£262m).

Retail sales at Miu Miu almost doubled, rising 97% year on year, and 105% in the third quarter. Prada retail sales rose 4% year on year in the period, and 2% in the third quarter.

The group said its performance was driven by "strong brand identity, creative dynamism and sound execution".

Across its global markets, Japan led retail sales growth with a 40% rise in the nine-month period, followed by Middle East at 24%, Europe at 16% and Asia Pacific at 9%.

Andrea Guerra, group chief executive, said: "We progressed through the year with another quarter of high-quality, like-for-like growth, supporting our positive trajectory in both revenue and margins. Our brands remain desirable and relevant, thanks to the strength and consistency of their identity, creativity and sharp positioning.

"Prada recorded a solid performance, showing resilience against sector headwinds, and Miu Miu upheld its thriving growth momentum. Despite the challenging backdrop, we are confident in our ability to navigate the industry complexities, and remain committed to our ambition to deliver solid, sustainable and above-market growth."