Organic growth, excluding Versace, stood at 5%, while second-quarter organic growth accelerated to 7%. Retail sales increased 12% at constant currency to €2.63 billion, or 3% organically, against double-digit growth of 10% in the first half of 2025. Organic retail growth strengthened to 5% in Q2, compared with 1% in Q1. Wholesale sales rose 40% at constant currency to €299 million, while royalties increased 73% to €116 million.
The Prada brand delivered a solid performance, with retail sales up 3.3% in the first half and accelerating to 6.3% in Q2. The group said growth was supported by like-for-like, full-price sales and broad-based improvements across regions, particularly in the Americas, Japan and Asia Pacific.
Miu Miu maintained positive momentum, with retail sales increasing 2.5% in H1 and 2.6% in Q2, despite a more pronounced impact from the conflict in the Middle East and a demanding comparison base following 40% growth in Q2 2025. The brand continued to see robust trends in the Americas, Asia Pacific and Japan, while Europe remained subdued but showed improvement.
Versace performed in line with expectations and contributed €305 million in net revenues during the semester. The group said its strategic focus remains on improving the quality of the topline and retail execution, while the arrival of Pieter Mulier in July marked the beginning of the brand’s new creative repositioning journey.
Regionally, Asia Pacific posted 15% growth at constant currency and 6% organically, driven by solid execution at Prada and robust Miu Miu performance. Europe rose 5% but declined 4% organically, although Q2 improved to a 2% organic decline as tourist spending and local demand recovered. The Americas increased 37%, or 17% organically, supported by higher local demand and continued investment. Japan rose 6%, with organic growth of 2%, while the Middle East declined 24% as conflict continued through the second quarter.
Adjusted EBIT fell to €530 million from €619 million a year earlier, with the adjusted EBIT margin at 17.4% compared with 22.6% in H1 2025. The group said underlying profitability on an organic basis remained in line with the previous year. Net income was €327 million, down from €386 million, while the group ended the period with a net debt position of €693 million.
Chairman and Executive Director Patrizio Bertelli said the group had continued to execute with rigour despite a turbulent environment, while Group CEO Andrea Guerra said the company would remain disciplined and agile as it pursued above-market growth.
