Prada SpA defied a luxurious business downturn final 12 months as rich younger buyers flocked to merchandise from its Miu Miu model.
Income on the Italian group rose 17 p.c at fixed currencies in 2024, the Hong Kong-listed firm stated Tuesday. Analysts anticipated a 16.6 p.c enhance. Development remained robust within the fourth quarter, with retail gross sales climbing 84 p.c at Miu Miu, the corporate stated.
Prada has been outpacing luxurious rivals akin to Gucci-owner Kering SA and LVMH, buoyed by the attract of Miu Miu’s Arcadie purses and cashmere cardigans amongst Gen-Z shoppers. The group can be nearing a possible acquisition of Versace from Capri Holdings Inc., Bloomberg Information has reported, a transfer that may return the model based by the late Gianni Versace to Italian possession.
Household-controlled Prada and Capri have agreed to a worth of as a lot as €1.5 billion ($1.6 billion), Bloomberg reported Sunday, citing folks accustomed to the matter. The deal would create a bigger Italian participant to compete extra successfully with rival international luxurious teams. Prada may bid for Capri’s Jimmy Choo, Italian newspaper Corriere della Sera reported.
Prada shares have climbed 14 p.c up to now this 12 months in Hong Kong, twice the achieve by LVMH Moet Hennessy Louis Vuitton SE, the world’s largest luxurious group.
Miuccia Prada, the granddaughter of the group’s founder, is inventive director at Miu Miu and splits these duties at Prada with Raf Simons. Prada named Silvia Onofri to steer the Miu Miu label final month after Benedetta Petruzzo left to change into managing director of Christian Dior Couture.
Prada carried out properly in Asia Pacific, the area that features China, the place retail gross sales climbed 13 p.c final 12 months. The area accounts for a 3rd of the group’s complete income. Japan gross sales surged by 46 p.c, boosted partially by vacationers’ purchases. All areas besides the Americas rose by double-digits.
By Antonio Vanuzzo and Flavia Rotondi
Be taught extra:
Report: Prada Transferring Nearer to €1.5 Billion Versace Deal
Talks between Prada and Versace proprietor Capri are progressing and will end in a deal in March, Bloomberg stories.
