Retail sales for the year were up by 17% to €4.19 billion, while wholesale sales grew by 13% to €433 million and Royalties had an increase of 36% to €104 million.

By region, Prada achieved growth of 24% at constant currency in Asia Pacific for retail sales of €1.45 billion, while Japan grew by 44% to €484 million. Growth in Europe was 14% to €1.3 billion, the Americas were flat at €767 million and the Middle East increased by 10% to €180 million.

EBIT for the year was up by 37% on a reported basis to €1.06 billion, with a margin of 22.5%. Group net income increased by 44% year-on-year to €671 million.

Group CEO Andrea Guerra said: “We have successfully delivered on our ambitions in 2023, with excellent performance achieved consistently through the year, as brand desirability grows stronger fuelled by a combination of product, communication and retail initiatives. Retail productivity and profitability improved for the third consecutive year, thanks to once again strong double digit, like-for-like growth.

“Looking ahead, we are mindful of this high comparison base as well as persisting macro and geopolitical uncertainties. Against this backdrop, our priority for 2024 remains to drive brand desirability and retail excellence further. As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth.”