The company highlighted its 23% growth in retail sales for a total of €953 million, driven by like-for-like and full price sales. This channel was up by 14% over Q4 of 2022.
The leather goods category grew by 14% at constant exchange rates, while ready-to-wear was Prada’s fastest growing category at 38%. Footwear saw retail sales jump by 20% and the company noted its continued success in both formal and lifestyle shoes.
Regionally, the Asia Pacific had retail sales growth of 22% in the quarter thanks to a rebound in China. Europe also registered a strong quarter, up by 28% year-on-year.
Growth in the Americas was moderate at 5%, with a challenging comparison in 2022, while Japan had a sharp acceleration at 55%. Finally, the Middle East was up by 15%.
Group CEO Andrea Guerra said: “Prada Group has had a positive start to the year. Over the course of the first quarter, China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific. Our priority for the year remains increasing store productivity, focusing on retail execution.
“Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure for the growth of tomorrow. The ever-evolving macro and market backdrop requires us to be vigilant, but we see benefits in accelerating these investments, if conditions remain supportive.”
