Prada Group posts 12 percent revenue growth as Miu Miu stumbles on tough comparisons
The luxury conglomerate's nine-month sales rose to 4.54 billion euros, but its secondary brand contracted in the third quarter amid challenging market conditions and difficult year-over-year comparisons.
Prada Group posted a 12 percent revenue increase for the first nine months of 2026, reaching 4.54 billion euros compared with 4 billion euros in the same period last year, according to WWD. At constant currency and excluding Versace, which contributed 441 million euros in sales, the group’s underlying growth was more modest at 4 percent. Yet the performance underscores the mixed terrain luxury fashion is navigating: while Prada itself held its ground, the house’s secondary brand Miu Miu contracted sharply in the third quarter, burdened by steep comparisons from last year.
In the third quarter alone, group revenues climbed 11 percent at constant currency, a headline figure that masks divergent trajectories across the portfolio. Prada’s retail sales grew just 1 percent in the quarter after gaining 2 percent over the nine-month span, underpinned by strength in the Americas and Asia-Pacific, including China. Miu Miu, by contrast, posted a 3 percent sales decline in the third quarter, though it grew 1 percent for the nine months overall. Executives attributed the quarterly slip to particularly demanding year-over-year comparisons—Miu Miu had surged 29 percent in the third quarter of 2025 and 41 percent over the nine-month period that year—combined with an unfavorable geographical mix.
Regional performance and market headwinds
The Americas emerged as the group’s strongest territory, with sales climbing 29 percent over nine months and delivering 5 percent growth in the third quarter alone, driven by robust domestic demand. Asia-Pacific fared less predictably: the region posted 10 percent growth over nine months to 1.34 billion euros, yet remained flat in the third quarter as subdued traffic in mainland China offset strength elsewhere, particularly in South Korea, Hong Kong and Macao. Japan, supported by local demand, gained 5 percent over nine months at constant exchange rates, though current exchange rates produced a 6 percent decline. Europe climbed 4 percent to 1.18 billion euros for the period.
The Middle East presented the group’s most acute challenge, with sales plummeting 25 percent over nine months amid what the company described as difficult regional conditions. The territory proved especially punitive for Miu Miu, where the decline was most pronounced. Wholesale revenues climbed more steeply than retail, with the group reporting a 12 percent gain in wholesale organic revenue for the third quarter and a 24 percent jump in royalties revenue.
Strategic developments and outlook
Patrizio Bertelli, Prada Group chairman and executive director, characterized the operating environment as “complex and volatile” but expressed confidence in the group’s ability to navigate challenges ahead. “Against this backdrop, we continue to build on the foundations of creativity, product excellence, and manufacturing know-how,” he said in a statement. The group has bolstered its production footprint with the recent opening of a facility in Piancastagnaio in Tuscany dedicated to leather goods, which Bertelli framed as a reaffirmation of the group’s “industrial vision, rooted in the respect for the territory and the quality of the working environment.”
For Miu Miu, the company is banking on creative momentum to reverse momentum. The brand unveiled the Shanghai IFC lounge, described as a one-of-a-kind hospitality environment, and deployed itinerant pop-ups under a new Miu Miu Vinyl Club format. Chief executive Andrea Guerra characterized Miu Miu’s performance as “steady,” noting that “its positioning remains sharp and the retail metrics very robust,” and cited positive reception to the brand’s Spring/Summer 2027 show as a sign of forward momentum.
Prada unveiled the Milan Galleria retail and hospitality project in September, a multifloor experience incorporating fashion, food and culture along with a Pradasphere permanent exhibition. The group’s integration of Versace, which began its creative transition following Pieter Mulier’s appointment in July 2026, is said to be progressing on track, with his creative debut slated for 2027.
This article was compiled by the Glamorade editorial desk from the official announcements and reporting listed under Sources.
