Prada Group's Nine-Month Revenue Growth Analysed

A resilient set of results in a demanding market

The Prada Group has reported net revenues of €4.54 billion for the first nine months of 2026, a rise of 15 per cent year on year and 4 per cent on an organic basis. Retail sales reached €3.93 billion, up 11 per cent at reported rates and 2 per cent organically. In a period widely described as difficult for the sector, the figures point to steady rather than spectacular progress — a story of holding firm while comparison bases remain punishing.

How the two main brands performed

Prada’s own retail sales advanced 2 per cent across the nine months and 1 per cent in the third quarter, helped by positive momentum in the Americas and Asia-Pacific, including China, with trends in Europe and Japan broadly flat.

Miu Miu closed the nine months with retail sales up 1 per cent and a 3 per cent decline in the third quarter. Those numbers need context: the label was measured against exceptional comparatives of 41 per cent growth over the nine months of 2025 and 29 per cent in the equivalent quarter of that year, alongside a less favourable geographic mix in current trading. Excluding the impact of the Middle East, the third quarter was described as substantially stable.

Management highlighted the dynamism around the brand, from a spring/summer 2027 show that translated ideas of beauty and elegance into everyday wardrobe pieces — including footwear and denim collaborations — to an expanded total-look offer. Visibility has been reinforced through travelling pop-ups under the new Miu Miu Vinyl Club format, while the opening of the Miu Miu Shanghai IFC Lounge introduced a more intimate, personalised retail environment designed to deepen relationships with clients.

Where growth came from, region by region

The Americas confirmed their status as the fastest-growing region during the third quarter and delivered a 33 per cent increase over the nine months (13 per cent organic), powered by strong domestic demand. That trajectory held firm in the third quarter despite a demanding comparative base.

Asia-Pacific grew 12 per cent over the period, or 5 per cent organically, supported by disciplined retail execution. Third-quarter performance held steady even as footfall in China weakened, offset by gains in South Korea, Hong Kong and Macau.

Europe rose 5 per cent across the nine months, though organic growth was negative at 3 per cent, with the third quarter broadly in line with earlier trading. Japan added 5 per cent (2 per cent organic) on the back of stable local consumption, moderating sequentially in the third quarter against tougher comparatives. The Middle East declined 23 per cent over the period — negative 23 per cent organically — in an environment that remains complex, although the trend improved quarter by quarter with support from local clientele. That region’s softness weighs most heavily on Miu Miu.

Versace and the road to 2027

Versace contributed €441 million in net revenues during the first nine months of the year. Pieter Mulier has served as chief creative officer since 1 July 2026, and the focus remains on strategic priorities ahead of a creative debut scheduled for 2027. The group intends to keep investing in its brands while protecting credibility and authenticity.

Versace: the new chapter

• Creative leadership: Pieter Mulier in post since July 2026, with a first collection expected in 2027.
• Revenue contribution: €441 million across the first nine months of 2026.
• Priority: clear strategic focus before the creative reset reaches the runway and stores.

Investment in craft and place

The group’s industrial strategy has been underlined by the recent opening of the Piancastagnaio factory in Tuscany, a hub dedicated to leather goods. Chair and executive director Patrizio Bertelli framed it as a statement of intent: a facility built on respect for its local area and on the quality of the working environment. He described the macro backdrop as complex and volatile, requiring focus, agility and rigour, with creativity, product excellence and industrial know-how remaining the central pillars of strategy.

Chief executive Andrea Guerra struck a similar note, describing a particularly challenging third quarter for the industry and crediting brand desirability and effective retail execution for the group’s resilience. He also pointed to the new Prada Galleria project, which has created a destination in the place where the brand’s story began — an immersive conversation between heritage and the future.

What to watch next

Three threads will shape the group’s performance over the coming months. The first is whether Chinese footfall recovers and whether growth elsewhere in Asia continues to compensate. The second is the Americas, where double-digit reported growth faces higher comparatives as the year turns. The third is Versace, where a 2027 creative debut will be the most closely watched moment for the group’s newest chapter — one the company approaches with what Guerra calls discipline and ambition.