Good afternoon, everyone, and thank you for joining the Prada Group's nine months 2026 revenue update. 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 at the beginning of our presentation. With that, I will hand over to Andrea.
Welcome from my side as well, and thank you, Andrea. We are not in the same place, me and Andrea today, so we will bounce back the voices. I am in Wuhan, in China today. We finished the quarter with a set of what we think being a solid set of results in a world which is useless to say has been more complex and, I would say, more unpredictable. Net revenues are up 15%, considering constant currencies and the introduction of Versace in the nine months, and 4% organic. Net revenue in the quarter have been 11% all included and a +1% organic growth. We could discuss in length of how many different things are happening, ups and downs, slowdowns, very different touristic patterns and weather. Yes, weather as well.
In a quarterly conversation, it is beginning to be complicated to say if you are doing well, if you are doing bad, what was that week, what is happening. I always think that the nine months are becoming more and more important the longer term. In any case, what is important today is that constantly you are able to show how desirable your brands are, how proactive you are in the market, and what level of conversation you are able to keep with your best consistent clients. Life has changed, and I think we are ready for this. Prada in the nine months, always considering that Middle East is out of the picture, is at a +2%, basically all like-for-like. I would say in this quarter with a sharp seasonal delay of fall/winter retail sale.
We are seeing, retail, you know how ready-to-wear is important for us, and we are finally seeing in the last two, three weeks, the growth and the acceleration of, I would say, a little bit heavier ready-to-wear. That is a good signal, obviously, and I always say this, October is an inverted bracket useless month before the holiday season. With Miu Miu, it is another couple of quarters where at the end, we were not comparing against a huge wall. Last year, these nine months were +41%, so we were basically breaking even. What is positive for Miu Miu, and I really think it is very positive, it is the appreciation and the enthusiasm around our Spring/Summer 2027 show, which was very well-received, and I think that that will be a kind of safeguard for 2027.
For sure, the slowdown of some of the Asian region is influencing more Miu Miu compared to Prada. If we look at Versace, we started to talk about Versace nine months ago. We gave you some kind of numbers, and Versace is contributing some, basically what we had forecasted, some very few million less. We are going in the proper direction, happy for the progress, and we begin to see objects, we begin to see things that are part of what collections would look like, and so far, we are all very happy. We are not just looking and talking about ideas, but we are looking to products at this stage, and the team is ready. To make it short, allow me to talk a little bit one second about Prada, which we never do like this.
But for sure with Prada, we have really had a good nine months with our Chinese clients. We had nine months, very good with our Korean and with our American customers, and I think we were in line with the best in Japan. As I stated other times, in Europe, we started slow, especially at the beginning of the year. I think we are catching up. We are catching up also with this fantastic, unbelievable, I am very proud of, and we will talk a little bit about it later, of the Prada Galleria project, which is a fantastic brand place, but at the end, it is also a great revenue place. Let me allow Andrea to give you some more details on the numbers.
Moving to slide eight, net revenues by channel. The group recorded net revenues of EUR 4.5 billion in the first nine months of the year, up 15% at constant FX, +4% organic. At retail level, sales reached EUR 3.9 billion, up 11% at constant FX, +2% organic against +9% in the nine months 2025. The third quarter was stable on an organic basis, showing resilience against +8% in the comparable period of 2025, sustained by brand desirability and effective retail execution. As for wholesale, the channel was up 35% over the period, up 17% organic, and up 12% in Q3, driven by both independent partners and to a greater extent, duty free. Royalties delivered sustained growth throughout the period, up 77%, +16% organic, supported by both eyewear and beauty.
Exchange rates had a negative impact on group revenue of 300 basis points during the nine months and circa 110 basis points positive over the quarter. Turning to the next slide, retail sales by brand. Prada reported retail sales up 2% in the nine months, a solid performance driven by like-for-like full price sales. The third quarter was up 1% with positive traction in the Americas and Asia Pacific, including China, as Andrea mentioned, and broadly stable trends in Europe and Japan. Miu Miu was steady over the nine months, with retail sales up 1% against +41% in the nine months 2025. The performance in the third quarter reflected continuously demanding comps and a less favorable geographic mix in the current environment. Excluding the impact of the Middle East, the performance was broadly stable.
As for Versace, the brand contributed to the period with retail sales of EUR 322 million. Moving to the next slide, retail sales by geography. In Asia Pacific, retail sales were up 12% over the nine months, +5% organic, supported by effective execution. Q3 was stable, with subdued traffic environment in mainland China offset by positive trends elsewhere in the region, particularly in Korea, Hong Kong and Macau, and again, very effective execution. The market dynamics in Europe were broadly unchanged as retail sales were up 5%, down 3% organic, with Q3 broadly in line with the previous quarter. The Americas registered a strong performance, with retail sales up 33% constant FX, +13% organic, sustained by robust local demand. The third quarter remained very solid, albeit softening on high comps. Japan was positive, up 5% in the nine months, +2% organic, supported by domestic consumption.
Q3 was stable, in moderation quarter on quarter on both locals and travelers. Finally, the Middle East was down 23% over the period as the conditions in the region remain complex. Q3 showed some signs of improvement quarter on quarter, driven by local demand. Now back to Andrea for closing remarks.
Thanks, Andrea. Obviously these closing remarks in this world are becoming more and more complicated, but I will do my best. On one side, there are things we believe in and there are things we commit to. This is everything we can do. Trying then to be more precise, more clean and clear in everything we do. We believe, and I think what we have done in Milan’s Galleria is very clear what we believe in. We believe in our brands. We think that that is the asset we have, and this is the work we have done. Prada Galleria is our roots, our skin, our heart. It's a place where if you're a Prada lover, you understand where we come from and where we're going. If you want to know Prada, you really understand what we stand for. It's a journey.
It's a journey from the past to the future, and it's also a place where to shop. It's a place where to be hosted. So it's really a world, and this is what we want to do, and this is what we will try to do. This is for Prada. We will do similar things with Miu Miu and Versace as things will go by. We're not a logo, we're not a tag, but we are a DNA, and a DNA which has a story to tell, has a long history to tell, has opinions about the society. Here we are trying to carve future cultural trends in the society. So this is what we're trying to do. We know it very well that this is an industry which is very linked to supply.
We know that, and we know that this supply for any business in the next years will not be as great as we thought. We need to work on our organizations to be more efficient on all our platforms, on our investments that we have done, on our retail excellence, on our digitalization of our company, and flexibility of our industrial platform. We are here for that. We are ready for the holiday season, as usual, and I think that we have demonstrated so far, and we will continue to try to be always above market average for the next periods. Thank you everyone for listening to us, and ready to answer to any questions or comments you have. I will give the word to the operator.
Thank you. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Once again, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please be aware that we will take and answer one question at a time before moving to the next question. Thank you. We are now going to proceed with our first question. The question comes from the line of Akshay Gupta from HSBC. Please ask your question.
Hi. Thanks for taking my question. The first one I wanted to ask about the details of performance by different clusters in the quarter. Then I have one more.
Clusters, what do you mean?
Performance by different cluster by nationality.
I was giving you before, Andrea maybe can answer again to your question.
Sure. Considering that Miu Miu's performance is now much more in line with Prada's than in the past, we can discuss trends at a group level excluding Versace. Chinese are positive year-to-date. We saw a slowdown in Q3, but still positive. North American, double digit positive year-to-date. Again, slower in Q3, but still positive. Europeans, mid-single digit negative in the nine months, pretty much unchanged quarter on quarter since the start of the year. Korean positive, Japanese, currently very slightly negative, very slightly. That's all. Your next question, please.
Thank you. I just have one. Oh, yeah.
Yeah, sorry. I was saying your next question.
Yeah. I wanted to ask about the fine jewelry category. How big is this category today for the Prada brand, and what is your ambition with this category in the midterm?
Fine jewelry we started three years ago. Obviously, we have grown, I think, 100% year-on-year every year. We are still talking about small numbers compared to larger peers in the fashion industry. As we all know, fine jewelry today is a great category. We would love to be bigger, but it is important to go step by step. We have now two real collections working, and by end of next year, we will be at four. I do not think that in the one, two years it will affect our profit and loss. We are extremely proud of what we have been able to do so far, especially with the Couleur Vivante collection.
Thank you.
I think, operator.
Next question, please.
We are now going to proceed with our next question. The question comes from the line of Erwan Rambourg from Goldman Sachs. Please ask your question.
Hi. Thank you very much, gentlemen. I have three, but I will do them one by one. If I can start with China, I think, Andrea Guerra, you were mentioning you are in China today. I am wondering what has gotten worse in China that affects the luxury business overall and your brands particularly. We have read a lot about, obviously, the real estate market, equity markets, this new taxation. What is weighing the most, in your view, on psychology and how do you think about the future there?
You are asking me two complicated questions. I will not attempt to answer geopolitics or geopsychology. It is for sure the malls are emptier. That is for sure. As Andrea was saying, we are still positive. We gained a lot of market share in China. I think that we have been able, through many different things, to be very close to the Chinese consumer. For sure, the Rong Zhai for Prada has been an excellent investment, this building where we are attracting a lot of clients and curious.
On the other side, Miu Miu, it is one of the home countries of Miu Miu. We are keeping up, we are keeping on, especially on ready-to-wear. Obviously, it is a tough place. It is a tough country. We have seen an improvement in terms of traffic by the last couple of months, but maybe they are not so judgeable because we have seen a lot of Chinese traveling. These holidays have been longer than usual, so maybe we have seen some Chinese back in France, more than usual, in Italy, more than usual. So maybe let us see November, December.
Okay, great. My second question is on the channel mix. I am quite surprised at the gap between wholesale and retail. Is it linked to the fact that your partners like what is coming for the holiday, or is there a question of basis of comparison? Or--
No, it is easy. Basically, in the last six months of last year, we shipped very little to some American partners that had issues.
Yes, okay. Very clear. On licenses as well, very strong, even excluding Versace. Is that true for both brands? Is that true for both segments? I suspect your--
Yeah
--relationship with L'Oréal and partners on eyewear is going well.
Everything on our cosmetics and fragrances is improving for Prada, and I would say the same thing for eyewear. Miu Miu for eyewear is increasing significantly. On the other side, the real year for Miu Miu fragrances will be 2027.
Okay. Maybe my last question, I think you made it clear that the U.S. was still very strong. Obviously, you were facing a higher comp. Is there anything else we should know about, or should we consider all things being equal, you should be fine for the holiday season that's coming?
That we would.
Okay. Best of luck. Thank you.
Thank you. Operator, thank you.
We are now going to proceed with our next question. The questions come from the line of Chiara Battistini, JP Morgan. Please ask your question.
Good morning. Thank you for taking my questions. My first one is on the Prada performance. I think it was a slowdown sequentially, but in absolute terms, especially when comparing to peers, I think it was definitely a very robust and resilient performance. Can you share what you think you are doing better than your peers? Any specific category, any specific price point or activation that you are doing differently versus peers that are supporting this outperformance, please? That is the first one.
It is very-- I would never say we do this better than the others. What I know is that we are looking for some market share that I think the brand deserves. We have been talking in length, in large, about our capabilities in the face of the clients, how good we were or how good we were not in terms of clienteling, servicing our clients, being able to understand how to manage prospects. I think that we have significantly improved there, and this is also why we could be a little bit more resilient right now, because we had gaps to be filled. This would be my honest answer. On the other side, the Prada brand is cool, is great. Even this last show was not well accepted.
More than that, this thing about skirts and really getting the world around skirts has had a global echo, and together with that, the opening of the Prada Galleria. Together with that, it is a small thing, but Luna Rossa winning all the preliminary America's Cup, I think is giving to the brand some positive halo.
That is great. Thank you. The second question, sorry, just coming back on the comment on the U.S., and indeed, you called out the comps, but we are also seeing from your peers some higher volatility in the U.S. consumer, and the U.S. numbers have been reported so far this quarter. Are you observing a more volatile pattern among American consumers? How are you seeing Americans onshore versus offshore? Any increased volatility that you are seeing there? Thank you.
I do not know. We are 15 days away from some elections, so there could be some usual volatility there. I would say that fall in U.S. came a little bit late, maybe 15- 20 days later. The usual Labor Day was a little bit weaker. I would say that all in all, if all the world was like U.S. this year, we would all be happy.
[Non-English content]
[Non-English content] Operator, thank you.
We are now going to proceed with the next question. The questions come from the line of Natasha Bonnet from Morgan Stanley. Please ask your question.
[Non-English content] Thank you very much for taking my questions. I have got two. The first is just looking at Q4 and sort of the current trends you are seeing, any reason to expect a big difference in trends in Q4 versus Q3? Along those lines, how should we be thinking about the margin for the second half and the full year given the tougher macro? Can you maybe quantify the FX headwind for this year?
I will take your first question. Andrea will take your second question. In terms of trend, I would say that September, October have been a little bit better than July, August. As I will always repeat, October is a no month because, I mean, in the quarter has a very small weight compared to November, December. I would say no major difference in the trend. Andrea?
On the margins, talking about organic performance at group level, this level of growth is in the ballpark to keep margins steady without scaling back our investments on any front. The final ± 50 basis points will depend on the last two months of the year. Bearing in mind that, as we always said, the priority is long-term sustainable growth. There is FX, and, for the full year, I would say around 150 basis points negative on margins on EBIT. There is Versace, because so far I was talking about organic performance, and Versace, you've seen it's around 350 basis points of dilution vis-a-vis our organic margins.
Thank you very much. My second question was actually going to be on 2027, how should we be thinking about the uplift there? Because I don't think you've guided for Versace next year. Could we maybe get some guidance? Would it be fair to assume half the loss that you're having this year for next year?
It's very specific. What I would say is, what we aim to see next year is certainly a change of direction in terms of top-line and EBIT loss. Bear in mind that, next year we will also need to start investing behind the brand in a more significant way than what we've done in 2026, in the transition. Therefore, as I said, I would say change of direction, certainly. How much we will improve, we shall see.
Thank you.
Next question, please.
We are now going to proceed with our next question. The question comes from the line of Luca Solca from Bernstein. Please ask your question.
Yes. Thank you very much indeed, both Andreas, for taking my questions. My first question is on your sales progression when you look at price points. We are seeing apparently some of your peers having more of a headwind when it comes to the entry price categories, as if to indicate that the middle-class aspirational consumers are on the back foot. Are you experiencing similar headwind in your Nylon collection, for example? Where do you see that growth is most challenged, and where do you see instead, good tailwind? I have more questions, but I will start with this one.
My answer would be, this is the pattern we're seeing, that the clear pattern is on the other side. The clear pattern is that the more affluent clients are in great shape, and they continue to look for their kind of products. I wouldn't say that Re-Nylon has any issue at all. It's one of our iconic products, so I would say not at all. Nowadays, and I will be horrible in this, but if you are asking me right now what has been the largest influence, has been the hot weather. This has been the largest influence upon the lower traffic and other things happening. But that has affected the difference between the second and the third quarters.
Understood. Thank you. Thank you, Andrea. My second question is on the potential disruption from unrests that we've seen disrupting France, but to a smaller extent, some locations in Italy as well, including Milan. What is the damage assessment on this front? Are your stores all open at this stage? In particular, given the Piazza Duomo unrests, whether you are anticipating to operate business as usual, or whether you're going to be closed this weekend for the Galleria store.
This is another unfortunate thing happening. Luckily, but it's just luck, we were not touched by any kind of physical violence in our stores. We will obviously be open during any other day and the next weekend. Obviously, if the authorities and police say we have to close, we will close, but there is no reason to keep open. I don't have other [words]. This is it. This is the world we're living in today.
Indeed. Thank you, Andrea. Maybe my last small question is on the big increase in the nine months in royalties. I wonder if you could go into maybe the granular elements of that, and especially if this is maybe a one-off contribution from Versace or whether this is more to do with Prada and Miu Miu.
Andrea, can you take care of this?
Yes. Luca, hopefully it's not one-off, in the sense that it's a substantial increase, both in total terms, but also in organic terms. As Andrea said before, it's really widespread in the sense that, we have an excellent performance for both Prada and Miu Miu, and it's both eyewear and beauty. As you know, we also changed partner relatively recently with Miu Miu. I think it's performing really well, even above our own expectations. Nothing else to add, but nothing extraordinary in it.
Understood. [Non-English content] Thank you very much.
Thank you. Next question, please.
We are now going to proceed with our next question. The question comes from the line of Chris Gao from CLSA. Please ask your question.
Hi, good evening, Andrea. I have a few small questions regarding China and Chinese. Firstly, for Chinese cluster, we are happy to see you are still positive in the third quarter. Although there is a sequential slowdown, it shown relative resilience versus a few luxury peers. Firstly, just want to understand better, is it mainly driven by Prada core brand or Miu Miu? What is your know-how behind the continued, the relative resilience in the Chinese cluster? Also just now, Andrea mentioned you are seeing Chinese somehow back in France and Italy more than usual. Also want to have more granularity about the breakdown between the onshore and the offshore for Chinese cluster in third quarter and also the onshore, offshore growth trend for quarter to date. Thank you. This is my first question.
Thank you. Maybe you are asking too many granular questions, so I will try to give you, again, a general overview of our situation in China. As I said, I think that we have some market share to recover, and I think our teams here are doing a very good job. I think we have ideas, proactivity. We toured the Chinese market with two different set of pop-ups, with Prada on one side and Miu Miu Vinyl Club on the other side. I think that we have really improved the level of hospitality in the main malls. We, I think, improved significantly the relationship with our landlords and the ability to do certain kind of events in their premises. I was saying before, Rong Zhai as well, I think is helping Prada to be visible and to be at a real epicenter. This, I would say, are the things.
In terms of domestic and international, I am not saying it is a trend. I did not say that. I do not know. The numbers in the nine months are not saying this, but during these past holidays, they were very long, and we have seen Chinese traveling more. This is what I was saying.
Totally understand. Thank you very much. My second question is about your China network strategy. Welcome to China, Andrea. We have been seeing your outperformance relatively among Chinese year-to-date. We believe you should have advantage in terms of securing good locations among China's upscaling environment and luxury malls. What is your planning regarding your China network in the midterm? Will you take the chance to lock in more better locations, especially probably for your Versace ramp-up in the midterm, or you will be conservative under probably current short-term volatility that you see on the underlying demand side? I just want to understand better about your network strategy and investment in China. Thank you.
Yeah. Versace will be a subject on its own, and we will begin discussing that kind of real estate strategy in some months, in some periods. In terms of Prada and Miu Miu, we are remixing some locations, and we are trimming some locations. This is what we are doing. I think especially in some of the second and third tier, maybe you do not need two stores, maybe you do not need three stores, maybe you need only one store. This is what we are doing so far. On the other side, we are trying to be more prominent in those 10, 12 cities which make the great part of the business.
Thank you very much. My last quick question is regarding the capital market. Prada has been seen very appealing risk reward while the liquidity on the stock has been a factor brought up by investors very often. I understand this is a quarterly call, but just try my luck. I am just wondering if you are considering to make more progress regarding dual listing or privatization than relist. Anything in your mind? Thank you.
Andrea, please.
Hi, Chris. No, nothing new to share. We discussed it several times. We are aware of the potential benefits. We are also aware of the additional requirements of a dual listing. It is an option that is worth considering from time to time, and at the moment, we are not in a position to share any news in relation to it.
Understand. Thank you very much.
Thank you. Next question, please.
We are now going to proceed with our next question. The question comes from the line of Charles Louis Scotti from Kepler Cheuvreux. Please ask your question.
Yes. Good afternoon. Thank you for taking my questions. I have two. The first question is about Miu Miu. I understand the brand is being negatively impacted by its exposure to China and the Middle East, but could you share the brand's growth rates in Europe and in the U.S. to help us understand whether the -3% like-for-like reported in Q3 masks any significant regional disparities?
The picture is similar to the group organic performance that we have in the presentation. As we said, for Miu Miu, there is a greater contribution from Asia, there's a greater contribution from Middle East, and that's why we ended up, in the end, with a lower number. Americas is actually doing well above the average that is in that page with organic number, but it's a low contribution. As I said, the picture is not different from the one that you see for the total organic.
Okay. Thank you. Secondly, regarding Middle Eastern customers, the decline seems to have moderated in Q3. Also, I believe it was largely driven by the easier comps. Could you give us a sense of the underlying performance of the Middle Eastern customer cluster? Some of your peers have mentioned that Middle Eastern customers came back in Europe over the summer, and others have not really seen any meaningful improvements. Could you share with us what you have observed in your own stores?
I take this, and Middle Easterns are buying more home. We have seen them in the last 60 days back in some of the important countries where they are. I don't see no major changes going forward. They're doing their job. They love great stuff. They love handmade. They love precious. I think that they are keeping on with their trends. Nothing special, nothing new.
Okay. Thank you. If I may, sorry, I have just one follow-up question. Because despite the depreciation of the euro against major currencies, some of your competitors are also guiding for another year of FX headwinds into 2027. You just said that in 2026 you expect 150 basis points margin compression from currencies. What shall we assume in terms of FX impact on margins next year at current spot rate?
That is too early to say. At this stage, what I would say is, hopefully it's not going to be as much of a headwind as it's been in this year. At least-
Sorry, [crosstalk]
I was saying, hopefully it's not going to be a headwind as it has been in 2026. In Q3, the trend reverted and same, we expect also a positive impact in Q4, but wouldn't go beyond that with forecasts.
Okay. Thank you very much.
Thank you. Next question, please.
We are now going to proceed with our next question, and the question comes from the line of Mavis Hui from DBS. Please ask a question.
Thank you, management, for taking my questions. I have a few. My first question is that Miu Miu went from strong growth to flattish ex-Middle East in the third quarter. Have we detected any demand saturation in specific categories or geographies, or are we seeing any structural change in demand for the brand instead of just cyclical change or a high base? What would we need to see the brand to find the next growth engine? Thank you.
In terms of Miu Miu, I think what we need to observe today is the brand. The brand equity, the brand desirability, the brand in the show, the brand in the communication, the brand in the world, and it is hot, it is positive, it is successful. We see really no shadows today in any part of the world. So what is it? Is it five years of constant growth? Five years of constant growth and multiplying revenue by almost, what is it? Almost five in four years and a half. So I think we now need to give time to digest, to normalize, and restart again. We need to work, we need to be relaxed, and we need to do our job.
Right. Thank you very much. My second question is that on Europe, organic growth actually declined, and we probably haven't seen much improvement so far. So, what concrete actions, say, for example, store network optimization, category emphasis, et cetera, do we think might move Europe back to positive organic growth? Thank you.
I think that Europe, as I said at the beginning of the year, maybe we have not been in great shape. I think we have recovered. We are recovering, and I think we are doing as the others are better than the others in the last, let me say, at least couple of months. The opening for Prada Galleria has been an unbelievable stimulus and has been a strange year. Not many Americans in Europe with the three airports in the Middle East like this during the summer, not many Asians abroad. So has been a very peculiar period in Europe in 2026. But we are fine. We are trimming here and there. Especially in Italy, where our network is pretty large, we are cutting here and there. We swapped Palermo with Taormina, and probably the next 2027 and 2028, we will close two or three second-tier cities.
Right. Thank you. My last question is that, given rising global uncertainties and very low visibility right now, are we prepared to moderate product price or expand entry point products to rebuild our breadth? Or do we prefer to double down on our VIPs, our very important clients? Thank you.
Sorry, I did not understand it. I heard the question, but I did not get it.
Let me actually break it down to two parts. I am just thinking, given very low visibility right now, and also, the trade down to certain extent in most geographies right now. What do we see in terms of how we prepare to expand market share a bit more? Say, for example, would we prefer to actually moderate our pricing points and increase entry point products? Or do we prefer to double down on our important clients, our VICs? Thank you.
I think that our job, as I constantly repeat, is to go and get healthy and wealthy clients and allow them to spend more of their dreams on one side, and on the other side, we need to capture new clients. There is no industry, there is no company that is healthy without new clients, and this is the job we have to do. This is the job we are doing. This is what we are trying every day on Miu Miu on one side and Prada on the other side. There is not one way, but this is the world, and the world today is not easy.
I see. Thanks very much for the insight. Thank you.
Thank you. Next question, please.
We are now going to proceed with our next question, and the question comes from the line of Paola Carboni from Equita SIM. Please ask your question.
Yes, hello. Good afternoon, everybody. I have a couple of questions. The first one is about your comments on September and October, if you can elaborate whether you have seen the sequential improvement being driven by both Prada and Miu Miu, or whether there was any difference? In particular, if you can comment relative to the Chinese cluster and the Golden Week when looking to the start of October. My second question instead is on, let's say, looking forward to next year, if you can share with us anything in terms of your pricing strategy and space contribution you might expect for next year. I have heard you a bit more supportive, actually, in terms of comment for Miu Miu, especially about the latest Spring/Summer show. So maybe can this give you a bit more confidence on the space expansion? Thank you very much.
Taking the two questions together, I think we have been discussing about these topics for the past hour or so. If you wish, I go back, but I think that it is everything I have been saying. September, October, a little bit better than the other months, but October doesn't mean nothing. Weather, for sure, was a big thing. China holidays were longer. We were happy. It was not an easy moment in any case. Chinese travelers were something new, but nothing to be highlighted as a trend. In terms of Miu Miu, as I said, shows are important. This show was very well accepted and taken, so we are looking forward for the next season.
Okay, thanks.
Thank you. I think it's the last question.
Yeah, sure. We are now going to proceed with the last question, and the question comes from the line of Melania Grippo from BNP Paribas. Please ask your question.
Yeah, good morning, good afternoon. This is Melania Grippo from BNP Paribas. Could you please comment a bit on the performance in terms of categories for both brands? You already mentioned something on ready-to-wear, but if you could please elaborate on it. Thank you.
Ready-to-wear, I said, has been late, not slow, late. In this last week of October, we basically recovered all October. I would say it is late. On the leather goods, we have been rather positive all year long and with a number of products and bags which have been pretty successful. I would say that with shoes, we have been slightly positive compared to a year ago. I would say in line, slightly positive.
Is this true for both brands?
With ready-to-wear, stronger on Miu Miu and leather goods stronger on Prada.
Thank you very much.
I think give the word to the operator.
Thank you. We have no further questions at this time, so I will now hand back to you. Thank you.
Thank you very much. Goodbye.
This concludes today's conference call. Thank you all for participating. You may now disconnect your lines. Thank you.