While third-quarter reports from luxury's biggest players have been hit hard by the slowdown in luxury spending, Prada Group is kicking the trend as it reports 9-month net revenues up 18% year-over-year.
Business of Fashion reports that Prada's triumphant resilience through the economic headwinds is driven by the impressive trajectory of Miu Miu, which has seen a 105% surge in third-quarter sales compared to the same period last year. Even though Prada sales have slipped slightly since the first half of 2024, the numbers are still above 2023, rising 2%.
It was LVMH that first reported a decrease of as much as 16% in the Asia-Pacific region, leading to a major dive in share value. Following the Louis Vuitton owner's negative report, Gucci owner Kering followed suit, reporting that the flagship brand experienced a 25% sales decrease. So far, Prada, Hermès, and Brunello Cucinelli are among the only brands lucky enough to report rising sales in the third quarter.
It's no secret that Miu Miu and Prada have excelled through a rather tumultuous last few years rocked by global health crises that triggered widespread economic woes. Through this time Prada Group has successfully tapped a rising generation of luxury customers jaded by inauthentic gimmicks and compelled by more subtle yet thought-provoking cultural phenomena. Simultaneously, Prada and Miu Miu still maintain their grasp on a broad pool of mature clientele, as demonstrated by Miu Miu's SS25 runway presentation, which enlisted entertainment icons like Hillary Swank and Willem Dafoe.
Designer Miuccia Prada and creative partner Raf Simons' uncompromising visions seem to play a major role in the company's consistent performance, pushing forth intellectual designs and culturally relevant campaigns while staying rooted in artistic integrity.
Stay tuned to Hypebeast for the latest developments in the global luxury slowdown.
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