The Prada Group reported a positive start to 2026, but flagged a more pronounced adverse impact from the Middle East conflict on its performance, particularly affecting Miu Miu, even as overall revenues rose in the first quarter.
The group posted net revenues of €1.43 billion for the quarter ended March 31, 2026, marking a 14% year-on-year increase, or 3% organic growth at constant currency. Retail sales reached €1.24 billion, up 10% year-on-year, though organic growth slowed to 1% against a strong comparison base from the previous year.
Miu Miu continued its growth trajectory with a 2% increase, but this came against a steep 60% growth base in Q1 2025 and was further weighed down by the impact of the Middle East conflict. The flagship Prada label delivered a resilient performance, supported by steady improvements in full-price sales, although reduced outlet contributions partially offset gains.
Regionally, the Americas delivered strong mid-teens growth, supported by recent investments and execution, while Asia Pacific performance remained robust, led by Greater China and Korea. Japan recorded steady performance during the period.
The group also noted that Versace, currently being integrated into the business, contributed €143 million in net revenues in line with expectations.
Patrizio Bertelli, Prada Group Chairman and Executive Director, commented: “We are navigating a highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics. Against this backdrop, we continue to centre our brands’ performance on consistent and authentic creativity while aiming to constantly improve agility and flexibility across the organisation; our own manufacturing capabilities are a key asset in this regard. Looking ahead, we will continue to execute with confidence, leveraging the solid foundations we have built over the years and maintaining a strong sense of responsibility towards our people and partners.”
Andrea Guerra, Group Chief Executive Officer, added: “The Group delivered another quarter of growth in a disrupted environment and against the most challenging comparison base of the year. Prada maintained momentum, showing further improvement in full price sales. Miu Miu remained highly desirable; while its remarkable growth journey raises the bar, we are reassured by the health of this growth, achieved without compromises, and confident about future opportunities. The integration of Versace is progressing well, strengthening organisation and processes ahead of the next phase of creative evolution. Our strategy, solid and well-structured on the higher end of the product range on one side, and in attracting new clients on the other, will be crucial in the coming months. In parallel, we shall continue to execute with discipline, vigilant but committed to our ambition to deliver above-market growth for the Group.”
