Miu Miu reported stellar financial results in the first half of 2024, with sales up 93% in the six-month period ending June 30, according to the Prada Group's latest report. Amid a luxury slowdown that has negatively affected other brands' sales figures, Miuccia Prada's label has outdone itself once more, surpassing its already impressive first-quarter sales increase of 89% thanks to continued consumer demand for its top-ranked products.
"Miu Miu's strong performance is a testament to the strategy and disciplined execution implemented over the past years," said Andrea Guerra, the Prada Group's chief executive officer. "We continue to progress in our journey towards retail excellence, enriching our product range and driving customer engagement to nurture our brands' desirability."
Prada, meanwhile, saw sales climb by 6% when compared to last year. The Group, at large, recorded net revenues of €2.55 billion EUR, up 17% from 2023, "as strong brand identity, creativity and dynamism continued to foster desirability," per the company. Retail sales landed at €2.26 billion EUR, marking an 18% increase from last year.
Notably, the Prada Group saw double-digit growth across regions, including Asia-Pacific, Europe, Japan and Middle East. In the Americas, the company recorded "slight sequential improvement," with a 7% increase in sales.
Guerra added, "In the current macroeconomic and geopolitical context, industry dynamics have become more challenging; this requires us to be agile and sharp on our product range, communication and overall positioning, to continue to drive client engagement and to progress in our journey towards retail excellence. While being vigilant, we remain committed to our strategy and to our ambition to deliver solid, sustainable and above-market growth."
See the Prada Group's full H1 2024 financial report here.
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