Miu Miu Drives Prada Growth Despite Core Brand Dip

Prada Group recorded revenues of 2.74 billion euros in the first half of the year, up 9 percent at constant exchange rates (+8 percent at current rates), with retail sales increasing by 10.1 percent (+8 percent at current rates) to 2.453 billion euros, and by 7.6 percent in the second quarter, CE Report quotes ANSA.

Prada's own retail sales slowed down (-1.9 percent for the half-year and -3.6 percent in the quarter), while Miu Miu continued to surge: +49 percent over six months and +40 percent in the quarter.

Adjusted operating profit was 619 million euros (up from 575 million euros), and net profit reached 386 million euros (up from 383 million euros).

The closing of the Versace acquisition is confirmed for the second half of this year.