Pic: Andrei Antipov - stock.adobe.com
This marks the fourth consecutive year of double-digit like-for-like growth and outperforming the market. The group has proposed a dividend distribution of €0.164 per share.
The group maintained a strong focus on upgrading its retail network, completing approximately 90 renovation and relocation projects to enhance the customer experience. During the year, 38 new stores were opened while 35 underperforming locations were closed, bringing the total directly operated stores (DOS) count to 609 at year-end. Strategic progress was also made in digital transformation, with continued investment in technology across various business functions, Prada Group said in a press release.
“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,” said Patrizio Bertelli, chairman and executive 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 company’s retail net sales grew by 18.0 per cent, driven by solid performances across key markets. At the brand level, Prada maintained its solid growth trajectory, with retail net sales increasing by 4.2 per cent over the 12-month period. Miu Miu reported an exceptional performance, achieving retail net sales growth of 93 per cent YoY, reflecting increased brand visibility and scale.
Regional performance remained robust, with double-digit growth in Japan (+45.8 per cent), the Middle East (+26.0 per cent), Europe (+17.5 per cent), and Asia Pacific (+13.1 per cent), while the Americas achieved high single-digit growth (+8.9 per cent), showing sequential improvement throughout the year.
The group’s EBIT rose to €1,279.6 million, representing 23.6 per cent of net revenues, an increase of 20.5 per cent from €1,061.7 million in 2023. Net income reached €838.9 million, reflecting a 25.0 per cent YoY increase.
“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,” said Andrea Guerra, chief executive 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 company acknowledges that the complex industry dynamics are likely to persist but continues to see clear opportunities for its brands. It remains committed to its investment plan across retail, industrial capabilities, and technology to support growth and drive the organisation’s ongoing evolution. For the year ahead, the company maintains its ambition to achieve solid, sustainable, and above-market growth.
Brand performance and cultural influence
Prada continued to reinforce its cultural positioning through its distinctive identity and creative innovation. The brand’s menswear and womenswear collections were well received, supported by a balanced category mix. Its leather goods performed strongly, with new product introductions and continued focus on iconic pieces, while ready-to-wear collections remained a key driver of demand. The brand’s influence was further enhanced through signature events, collaborations, and exclusive activations that elevated the customer experience.
Miu Miu sustained its momentum with its irreverent and subversive aesthetic, resonating across all categories and regions. Exclusive collaborations and artistic engagements strengthened brand visibility and deepened its cultural relevance. The brand’s fashion shows increasingly incorporated multidisciplinary artistic influences, further reinforcing its contemporary appeal. Church’s continued on a positive growth trajectory, benefitting from strategic initiatives undertaken in recent years.
Industrial development
The company expanded its manufacturing capabilities, with a focus on craftsmanship, innovation, and efficiency. The enlargement of the Torgiano hub, unveiled in May 2024, underscores group’s commitment to enhancing production infrastructure. The site also hosted a new edition of the Prada Group Academy in September 2024, reinforcing efforts to preserve and transfer artisanal expertise.
Sustainability and people strategy
The group advanced its sustainability strategy across key pillars—Planet, People, and Culture. Efforts to mitigate climate impact included investments in green energy and the implementation of a raw materials conversion plan towards lower-impact alternatives. Additionally, the group extended its focus to biodiversity, assessing the environmental impact of its upstream value chain.
The people agenda prioritised inclusion and gender equality, with female representation in top and senior management roles reaching 46 per cent. A new global parental policy was introduced to support work-life balance.
Under the culture pillar, it reaffirmed its commitment to water conservation, continuing its funding and engagement in the SEA BEYOND project.
Fibre2Fashion News Desk (SG)