MILAN (Reuters) -Italian luxury group Prada on Thursday reported a 9% yearly increase in net revenues for the first nine months, driven by the Americas and Asia Pacific, and flagged “some improvement” in China in the third quarter.
Growth continued to be led by the group’s smaller label, Miu Miu, which posted a 29% rise in retail sales in the third quarter.
Retail sales at the group’s Prada flagship brand fell 1% in the quarter, improving slightly, however, compared with the second quarter.
“With the one just closed, the group has delivered 19 quarters of uninterrupted growth”, said Patrizio Bertelli, Prada Group Chairman.
Retail sales account for 90% of the Prada group’s net revenues, which totalled 4.07 billion euros in the January-September period.
The luxury sector has been hit by a harsh slowdown in demand, though results published by French luxury groups Kering and LVMH this month showed tentative signs of recovery.
Kering’s group sales fell less than analysts expected in the third quarter, while LVMH’s sales increased by 1% in the same quarter, driven by improved demand in China.
Prada’s sales in the Asia Pacific region rose 10% at constant exchange rates in the nine months, while the Americas posted a 15% increase.
(Reporting by Elisa Anzolin; Editing by Valentina Za)
