👜 Prada Group's Strong Performance
Prada Group saw a 17% increase in sales in the first half of 2024, totaling €2.55B ($2.8B). This outpaced competitors like Kering and LVMH. Despite a slight decline in gross margin from 80.3% to 79.8%, the EBIT margin improved from 22% to 22.6%. CEO Andrea Guerra highlighted the need for continued investment to sustain this growth.
📈 Miu Miu's Impressive Growth
Miu Miu experienced a 93% sales surge in H1 2024, driven by popular collections and new initiatives like the Writing Life club and Miu Miu Summer Reads. The brand's growth was strong in Europe and Asia, with North America being a new focus. Prada, in comparison, saw a 6% rise in sales, supported by the Galleria bag relaunch and Re-Nylon collection campaign.
🌍 Market Expansion
Prada Group reported double-digit growth in several regions. APAC sales rose 12%, with Japan leading at 55%. Europe saw an 18% increase due to tourist spending. The Americas grew 7%, and the Middle East achieved a 20% rise. Wholesale sales increased by 8%, while retail sales were up 18%. Challenges in China were noted, with efforts to recover market share ongoing.
🌱 ESG Initiatives
Prada Group made significant progress on ESG goals. The company focused on reducing Scope 3 greenhouse gas emissions by using lower-impact raw materials. It strengthened supply chain governance and linked executive remuneration to sustainability targets. Additionally, Prada set a three-year roadmap for DE&I, promoting gender equality in top management and other sustainability-linked leadership behaviors.
Will Prada continue its growth streak in H2 2024?
