Prada Sales Slow Despite Strong Miu Miu Label Performance
- Prada joins other rivals in seeing sharp cutback in demand
- Smaller Miu Miu label outperforms with 48% quarterly growth
A Miu Miu store, operated by Prada SpA, in Seoul, South Korea.
Photographer: SeongJoon Cho/BloombergPrada SpA’s sales slowed as the Italian fashion company experiences a cutback in luxury demand that other competitors are also facing. Its hip Miu Miu brand is proving resilient, though.
Net revenue in the third quarter came in at €1.11 billion ($1.18 billion), the company said Tuesday, missing analysts’ estimates. The Prada label, which accounts for more than 80% of sales, saw its growth slow to 5% in the quarter, down from 15% in the previous one. Miu Miu meanwhile, while much smaller in size, continued to outperform with 48% revenue growth.