---
title: "Prada’s Miu Miu sales and Japan sales are surging, defying the luxury slowdown."
publisher: "Stockmark.IT"
author: "Stockmark.IT Website"
published: "2024-07-31T03:26:38+00:00"
modified: "2024-07-30T14:26:56+00:00"
date: 2024-07-31
canonical: "https://stockmark.it/pradas-miu-miu-sales-and-japan-sales-are-surging-defying-the-luxury-slowdown/"
category: "Business"
categories: ["Business", "Companies"]
image: "https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-07-30T152540.285.jpg?fit=1200%2C800&quality=89&ssl=1"
format: "news"
language: "en-GB"
---

# Prada’s Miu Miu sales and Japan sales are surging, defying the luxury slowdown.

**Published:** July 31, 2024
**Author:** Stockmark.IT Website
**Categories:** Business, Companies
**Featured image:** ![Large Prada billboard featuring models and the Prada logo. from Stockmark.it](https://i0.wp.com/stockmark.it/wp-content/uploads/stencil.default-2024-07-30T152540.285.jpg?fit=1200%2C800&quality=89&ssl=1)

---

Prada, the Italian luxury fashion company, defied the slowdown in the luxury sector by reporting double-digit revenue increases in the first six months of the year. This was fueled by the booming sales of its Miu Miu brand and an increase in sales in Japan.

The company reported on Tuesday that net revenues increased by 17 percent to €2.6bn compared to last year, while retail sales increased 18 per cent.

The group’s Miu Miu brand, which targets younger consumers, has continued to grow strongly, with sales up 93 percent year-on-year. The group’s Prada main brand saw a 6 percent increase in sales over the same time period.

Japan led the way in terms of regional performance, with retail sales up 55 percent. The sales in the Asia-Pacific region (which includes China, but excludes Japan) rose by 12 percent over the period. However, the group noted that growth had slowed down in the second quarter due to “a harder comparison base and increased spending outside of the area”.

The earnings of the Milan-based group are in stark contrast with some recent earnings in global luxury, which has been experiencing a steep downturn due to consumers cutting back on their spending.

Last week, the French conglomerates LVMH & Kering led a global sell-off of luxury stocks. Both groups reported slower sales than expected. Kering’s flagship Gucci brand, which continues to struggle, has warned investors that the second half of this year will be weak.

Patrizio Bernardelli, the chair of the Prada Group, struck a more positive tone. He said he was “satisfied with” the group’s performance above the market and “confident” that it would be able to “navigate the months ahead” by continuing investments in the company.

The sector has seen a number of positive results. Last week, Hermes in Paris also defied the downturn of luxury to increase sales by double-digits in all regions. Asia was an exception. Moncler, a luxury brand from Italy, and Zegna Group also reported good results with revenue increases of 11 and 6 percent respectively.

Prada announced large retail investment this year, as it hopes that customers will return to physical stores. Prada’s chief executive Andrea Guerra stated that Prada and Miu Miu “capitalised on their unique identities, creativity and positioning”.

“In the current geopolitical and macroeconomic context, industry dynamics has become more difficult. . . This requires us to remain agile and sharp in our communication, positioning and product range to maintain client engagement,” added he.

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