Prada Group has reported a revenue hike of 17 per cent to €4.7 billion in its latest financial year.

The luxury fashion house said its performance over the 12-month period and in its fourth quarter, which also saw a year over year revenue increase of 17 per cent, had been fuelled by ‘high desirability’ of both Prada and its Miu Miu brand, which saw retail growth of 58 per cent.

Overall group net income rose by 44 per cent to €671 million.

“We are pleased with the strong results achieved in 2023, underpinned by our brands’ desirability,” said Patrizio Bertelli, Prada Group chairman and executive director. “The Group delivered high-quality growth in revenue and profits, building on outstanding creative momentum, further improving its profitability, and stepping up investments to support the growth of tomorrow.”

Prada also reported consistent strong performance with 12 consecutive quarters of "high-quality" like-for-like growth and another year of double-digit, above-market retail growth at 12 per cent year over year.

“Our priority for 2024 remains to drive brand desirability and retail excellence further,” said Prada group chief executive Andrea Guerra. “As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth.”

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