Retail sales for the quarter were up 12% (18% at constant currency) to €1.07 billion, while wholesale sales fell by 1% (flat at constant currency) to €90 million and revenues from royalties grew by 22% to €25 million.

The Prada brand had an increase in retail sales of 7% year-on-year, while Miu Miu was up by 89%.

The group’s largest region was Asia Pacific, which had a 10% increase in the period (16% at constant currency) to €396 million. Europe, meanwhile, had growth of 14% (18% at constant currency) to €295 million, and the Americas were up 4% (5% at constant currency) to €181 million. Japan grew by 29% (46% at constant currency) to €145 million and the Middle East had an increase of 14% (15% at constant currency) to €54 million.

Group CEO Andrea Guerra said: “Prada Group had a positive start to the year. During the first quarter, Prada experienced solid and above-market growth against a high quarterly basis of comparison; Miu Miu’s strong performance is a testament to the strategy and disciplined execution implemented over the past years.

“We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands’ desirability. Sharpness of positioning, creativity and communication will be critical this year; while the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth.”