Italian luxurious trend home Prada Group delivered one other yr of sturdy monetary efficiency and strategic progress as its revenues rose 17 per cent year-on-year (YoY) to achieve €5,431.6 million (~$5,866.1 million) in fiscal 2024 ended December 31. This progress was pushed by sturdy model desirability and disciplined execution.
This marks the fourth consecutive yr of double-digit like-for-like progress and outperforming the market. The group has proposed a dividend distribution of €0.164 per share.
Prada Group achieved sturdy progress in 2024, pushed by model desirability, innovation, and disciplined execution.
Miu Miu model noticed distinctive retail momentum, whereas Prada model maintained regular progress.
The group targeted on increasing its retail community, advancing digital transformation, and enhancing sustainability efforts.
Strategic investments additional bolstered its market place.
The group maintained a powerful give attention to upgrading its retail community, finishing roughly 90 renovation and relocation initiatives to reinforce the shopper expertise. Through the yr, 38 new shops had been opened whereas 35 underperforming areas had been closed, bringing the entire instantly operated shops (DOS) depend to 609 at year-end. Strategic progress was additionally made in digital transformation, with continued funding in know-how throughout numerous enterprise capabilities, Prada Group stated in a press launch.
“We are pleased to see that our strategy continued to deliver above-market performance, notwithstanding the challenging environment. This success underscores the enduring relevance of our brands, which comes from an unwavering focus on product innovation, quality, craftmanship and a unique ability to read contemporaneity,” stated Patrizio Bertelli, chairman and government director, Prada Group. “Drawing on multi-year investment initiatives across industrial capacity and know-how, our manufacturing platform and our people continue to be a differentiator in an ever-evolving sector that demands quality, agility and efficiency. We have entered 2025 with confidence continuing to work and invest for long-term sustainable growth.”
The corporate’s retail internet gross sales grew by 18.0 per cent, pushed by strong performances throughout key markets. On the model stage, Prada maintained its strong progress trajectory, with retail internet gross sales rising by 4.2 per cent over the 12-month interval. Miu Miu reported an distinctive efficiency, reaching retail internet gross sales progress of 93 per cent YoY, reflecting elevated model visibility and scale.
Regional efficiency remained sturdy, with double-digit progress in Japan (+45.8 per cent), the Center East (+26.0 per cent), Europe (+17.5 per cent), and Asia Pacific (+13.1 per cent), whereas the Americas achieved excessive single-digit progress (+8.9 per cent), exhibiting sequential enchancment all year long.
The group’s EBIT rose to €1,279.6 million, representing 23.6 per cent of internet revenues, a rise of 20.5 per cent from €1,061.7 million in 2023. Web earnings reached €838.9 million, reflecting a 25.0 per cent YoY enhance.
“We ended 2024 with very positive results across our brands, marking four consecutive years of double-digit, like-for-like growth, coupled with margin expansion and cash generation, resulting in a very sound balance sheet. We continued to make progress in terms of brand desirability, retail productivity and strength of our organisation, with disciplined and rigorous execution across the board,” stated Andrea Guerra, chief government officer at Prada Group. “Our investments across retail, industrial capabilities and technology will continue to support our growth and the organisation in its evolutionary journey. For the year ahead, we retain our ambition to deliver solid, sustainable, and above-market growth.”
Outlook
The corporate acknowledges that the advanced trade dynamics are prone to persist however continues to see clear alternatives for its manufacturers. It stays dedicated to its funding plan throughout retail, industrial capabilities, and know-how to help progress and drive the organisation’s ongoing evolution. For the yr forward, the corporate maintains its ambition to attain strong, sustainable, and above-market progress.
Model efficiency and cultural affect
Prada continued to bolster its cultural positioning via its distinctive identification and inventive innovation. The model’s menswear and womenswear collections had been nicely obtained, supported by a balanced class combine. Its leather-based items carried out strongly, with new product introductions and continued give attention to iconic items, whereas ready-to-wear collections remained a key driver of demand. The model’s affect was additional enhanced via signature occasions, collaborations, and unique activations that elevated the shopper expertise.
Miu Miu sustained its momentum with its irreverent and subversive aesthetic, resonating throughout all classes and areas. Unique collaborations and creative engagements strengthened model visibility and deepened its cultural relevance. The model’s trend exhibits more and more integrated multidisciplinary creative influences, additional reinforcing its up to date enchantment. Church’s continued on a optimistic progress trajectory, benefitting from strategic initiatives undertaken lately.
Industrial improvement
The corporate expanded its manufacturing capabilities, with a give attention to craftsmanship, innovation, and effectivity. The enlargement of the Torgiano hub, unveiled in Might 2024, underscores group’s dedication to enhancing manufacturing infrastructure. The positioning additionally hosted a brand new version of the Prada Group Academy in September 2024, reinforcing efforts to protect and switch artisanal experience.
Sustainability and other people technique
The group superior its sustainability technique throughout key pillars—Planet, Individuals, and Tradition. Efforts to mitigate local weather influence included investments in inexperienced vitality and the implementation of a uncooked supplies conversion plan in the direction of lower-impact alternate options. Moreover, the group prolonged its focus to biodiversity, assessing the environmental influence of its upstream worth chain.
The folks agenda prioritised inclusion and gender equality, with feminine illustration in prime and senior administration roles reaching 46 per cent. A brand new international parental coverage was launched to help work-life steadiness.
Underneath the tradition pillar, it reaffirmed its dedication to water conservation, persevering with its funding and engagement within the SEA BEYOND undertaking.
