Prada Group enjoyed higher net revenue in the first nine months of FY23 with Miu Miu delivering outstanding results, attributed to growing brand awareness and increasingly strong client relationships worldwide.

The luxury retailer saw net revenue rise 17 per cent year over year to US$3.53 billion in the nine months ended September 30.

Retail sales of Prada brand jumped 13 per cent, while Miu Miu surged 49 per cent.

“In the third quarter, Prada remained on a sound growth trajectory, driven by solid full-price like-for-like sales. Miu Miu continued to deliver a strong performance across all geographies and categories,” said Andrea Guerra, CEO at Prada Group.

“In an uncertain geopolitical and economic backdrop that requires us to stay vigilant, we continue to see positive momentum in the business and strong excitement around our brands, positioning us well for Q4 and vis-à-vis our ambition to deliver solid, sustainable, and above-market growth in FY23.”

The group’s retail sales soared 17 per cent to $3.15 billion while wholesale sales inched 6 per cent higher to $307.6 million. Royalties swelled 67 per cent to US$77.2 million.

Japan posted the highest retail sales growth across all geographies at 47 per cent. Retail sales in Asia Pacific, Europe, and the Middle East grew 21 per cent, 17 per cent, and 12 per cent, respectively.

The company experienced a slight decline of 1 per cent in retail sales in the Americas.