Q3 2024 Prada SpA Earnings Call Transcript
Key Points
- Prada SpA (PRDSF) reported a strong 18% increase in net revenues for the first nine months of 2024, driven by high-quality retail growth.
- Miu Miu brand showed exceptional performance with a 97% growth in the nine months, including a 105% increase in Q3, indicating strong brand momentum.
- The Asia Pacific region, despite challenges, maintained a double-digit growth rate of 12% in Q3, showcasing resilience in a key market.
- Prada SpA (PRDSF) has successfully expanded its brand equity through innovative partnerships, such as the development of a spacesuit for NASA, enhancing its cultural positioning.
- The company is strategically expanding retail space for Miu Miu, indicating confidence in continued growth and market demand.
- Prada brand experienced a slight deceleration in growth, particularly in China, which remains a complicated market with uncertain near-term improvements.
- Exchange rates negatively impacted group revenue by approximately 3% points during the first nine months, affecting overall financial performance.
- The North American market showed only slight improvement, reflecting a challenging environment with pre-election uncertainties.
- Despite strong growth, Miu Miu's absolute numbers remain relatively small, indicating a need for continued strategic focus to sustain momentum.
- The wholesale channel's performance was primarily driven by timing effects, suggesting potential volatility and lack of consistent growth in this segment.
Good afternoon everyone. And thank you for joining the Prada Group nine months, 2024 revenue update. I'm delighted to be with you again. And with me today is our group, CEO Andrea Guerra. We will start with some remarks and then move to Q&A.
Before we start, please be reminded that during today's call, we may discuss forward-looking statements which are subject to risks, uncertainties and factors beyond our control and the actual outcome and returns may differ materially from such statements.
Please refer to the disclaimer included in slide 2 of our presentation and with that, I will hand over to Andrea Guerra.
Good afternoon to all of you. We are pleased to report another solid quarter from a quantitative and a qualitative point of view. Again, consisting of branding, image and cultural positioning of our Prada Aumo brand. Our nine months ended up 18% on a like for like basis with Prada plus four Miu Miu plus 97%.
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