Prada SpA sales have increased thanks to shoppers splurging on Prada loafers and Miu Miu pocket bags, according to a Bloomberg report.
Net revenue in the first quarter rose 22% at constant exchange rates, the company said in a statement. Japan, Europe and Asia Pacific led the growth while the Americas saw the slowest demand, expanding at 5%. The release marks the first time Hong Kong-listed Prada has issued a first-quarter trading update, states the Bloomberg report.
It adds, “Prada and Miu Miu’s latest designs have proved popular with fashionistas around the world. The brands took the top two spots in a quarterly ranking by Lyst, which tracks both the most searched-for brands and products on its own shopping app and mentions on social media. Lyst in particular highlighted Miu Miu’s popular pocket bag, which sells for €2,100 ($2,295).”
The fashion group recently reorganized its governance with Miuccia Prada, granddaughter of the label’s founder, and Patrizio Bertelli stepping down as co-chief executive officers and Andrea Guerra taking on the leadership role, the Bloomberg report adds.
At the Milan fashion week earlier this year, designers Miuccia Prada and Raf Simons turned wedding dresses into everyday looks, opening their autumn/winter 2023-24 catwalk presentation with a range of long and short white skirts embellished with white flowers and paired with knits.
Utility suits became long shirt dresses with trains, while large boxy jackets were matched with slim ankle-length trousers in mainly dark shades.
The collection also featured white puffer and dark asymmetrical mini skirts, colourful printed dresses, buttoned capes and a range of duffel coats.