Prada Group delivers growth with Versace 'strategic repositioning' underway

Prada Group has reported steady growth for the first quarter ended 31 March 2026, continuing a trend of gradual improvement despite ongoing geopolitical and macroeconomic challenges.

Net revenues reached €1.428 billion (£1.233 billion), representing a 14% year-on-year increase and a 3% rise on an organic basis.

As part of this, retail sales totalled €1.245 billion (£1.075 billion), up 10% year-on-year, although organic growth was more modest at 1%.

The owner of Prada, Miu Miu and Versace said the results came against strong comparables, when sales grew 13% in Q1 2025.

It also noted that performance was supported primarily by full-price sales, while outlet contributions continued to decline, partially offsetting overall growth.

Brand performance

Prada recorded a broadly stable performance, up 0.4% year-on-year, in line with the previous quarter.

Growth was driven by improvements in the Americas and Asia Pacific regions, including Mainland China, Hong Kong and Macau. However, performance was negatively affected by weaker demand in the Middle East.

The brand continued to focus on full-price sales, supported by a balanced product range and new releases such as the Prada Re-Nylon SEA BEYOND capsule.

Meanwhile, Miu Miu grew 2% against a “very strong” comparison base of around 60% in the first quarter of 2025.

The brand saw "strong" performance in the Americas and Asia Pacific, while Europe experienced slower growth due to weaker traveller spending. The Middle East also contributed to the slowdown.

Versace, which was acquired by the group last year, contributed €143 million in net revenue and performed in line with expectations.

The brand is undergoing a "strategic repositioning" toward higher-quality full-price sales, with ongoing efforts focused on retail execution, client engagement and organisational integration following its acquisition.

Chairman Patrizio Bertelli highlighted the group’s focus on creativity, operational flexibility and manufacturing capabilities as key strengths in navigating an uncertain global environment.

He said: "We are navigating a highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics. Looking ahead, we will continue to execute with confidence, leveraging the solid foundations we have built over the years and maintaining a strong sense of responsibility towards our people and partners."