Hong Kong · Delayed Price · Currency is HKD Prada Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw organic growth despite tough comparables and global headwinds, with strong performance in Asia and the Americas offsetting softness in Europe and the Middle East. Full price sales outpaced reported growth, and management remains confident in future prospects.
Fiscal Year 2025
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Group revenues rose 9% at constant FX to €5.7B, with Miu Miu up 35% and Prada brand turning positive in Q4. Versace integration began, with a transition year ahead and margin dilution expected in 2026, but improvement targeted from 2027.
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Net revenues rose 9% year-over-year to €4.1 billion, led by strong retail and Miu Miu growth. Asia Pacific and Americas delivered double-digit gains, while FX headwinds and a plateauing China market present ongoing risks. Q4 performance is expected to be pivotal.
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Reported 9% revenue growth and 8% EBIT increase in H1 2025, with strong Miu Miu performance and stable margins. Retail outperformed wholesale, while investments in brand, digital, and sustainability continued. Outlook remains prudent but positive amid industry reset.
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Group revenues rose 13% at constant FX in Q1, with Miu Miu retail sales up 60% and Prada stable against tough comps. Growth was broad-based across regions, but the market remains volatile, especially in China and the U.S. Management expects easier comparisons in H2.
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The group will acquire Versace for EUR 1.25 billion, aiming to leverage its global brand and distinct aesthetic to complement the existing portfolio. Integration will focus on gradual evolution, with synergies expected from know-how rather than cost savings, and completion targeted for H2 2025.
Fiscal Year 2024
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Revenue grew 17% to €5.4B and EBIT margin expanded to 23.6% in 2024, with strong retail and brand performance, especially from Miu Miu. Management remains confident in sustainable growth for 2025, prioritizing investment in brands and retail expansion.
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Nine-month revenues rose 18% year-over-year to €3.8 billion, with Prada up 4% and Miu Miu up 97%. Growth was broad-based across regions, with Miu Miu's retail share rising to 25%. Management expects continued above-market growth and margin improvement.
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Solid H1 2024 results with 17% revenue growth at constant FX, 22.6% EBIT margin, and strong performances from both Prada and Miu Miu. Investments in digital, retail, and brand positioning continue, while management remains vigilant amid tougher macro conditions and FX headwinds.