MILAN (Reuters) – Italian luxurious group Prada on Tuesday reported 21% progress in working revenue final yr, according to analysts’ forecasts, amid hypothesis a couple of potential acquisition of smaller rival Versace.
The group, which has been defying a slowdown in luxurious demand and outperforming a lot of its friends, reported a 17% improve at fixed change charges in internet revenues in 2024, reaching 5.43 billion euros ($5.72 billion) and matching analysts expectations, in accordance with information from LSEG.
Revenues grew by double figures throughout all areas, except the Americas area, which reported a 9% progress because of an enchancment within the second half of the yr.
The assertion made no point out of the stories of a possible Versace deal.
Within the fourth quarter itself, retail gross sales, which account for many of complete gross sales, rose 18%, thanks primarily to the smaller Miu Miu model. Development at Prada’s major model was extra reasonable, round 4% year-on-year within the interval.
“Trying ahead, whereas being conscious that the complicated trade dynamics are more likely to persist, our priorities stay unchanged,” stated Chief Government Andrea Guerra.
“At Prada, we’ve got a transparent alternative to proceed to drive market share, whereas at Miu Miu we will consolidate its success,” he added.
The group had a internet money place of 600 million euros on the finish of December, which might assist to fund a possible acquisition.
($1 = 0.9485 euros)
(Reporting by Elisa Anzolin; Enhancing by Keith Weir)
