Prada defied a slump in the luxury sector, with sales rising 16% in the first quarter, driven by strong growth in Asia and a surge in Miu Miu sales.
"Over the first quarter, we delivered a solid performance in a more challenging market environment", Prada Group Chairman Patrizio Bertelli said in a statement. "While the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth," Chief Executive Andrea Guerra said. French luxury group Kering said on Tuesday it expected a 40% to 45% plunge in first-half operating profit, after first-quarter sales declined. LVMH's sales slowed down in the first quarter, with only 3% growth. ($1 = 0.9356 euros)
- Revenue hit €1.19 billion ($1.27 billion), exceeding analyst expectations of €1.14 billion.
- Sales growth was fueled by Europe and Asia Pacific, particularly Japan due to tourist spending. The Americas lagged behind.
- Prada's main label grew 7%, while Miu Miu, representing 15% of sales, skyrocketed 89%.
"Over the first quarter, we delivered a solid performance in a more challenging market environment", Prada Group Chairman Patrizio Bertelli said in a statement. "While the industry is experiencing new dynamics, we retain our ambition to deliver solid, sustainable and above market growth," Chief Executive Andrea Guerra said. French luxury group Kering said on Tuesday it expected a 40% to 45% plunge in first-half operating profit, after first-quarter sales declined. LVMH's sales slowed down in the first quarter, with only 3% growth. ($1 = 0.9356 euros)