Prada Group delivered a 9 % increase in net revenues for the first nine months of 2025, rising to approximately €4.1 billion at foreign-exchange rates. What makes the result especially noteworthy is the standout performance of the younger label, Miu Miu, which grew by 41% in the same period, raising its contribution to the Group’s retail sales from 25% to 32%.
At a time when many luxury brands are facing uncertain traffic, macroeconomic headwinds, and currency pressures, Prada’s recent call demonstrates how brand mix, geography, and channel execution are working.
Revenue Breakdown
For the third quarter specifically, retail sales increased +8 % and wholesale surged +19 %. Royalties (driven by eyewear and beauty) rose +11 % in the period.
The growth is anchored in full-price, like-for-like retail expansion rather than space alone (“our 80-85 % like-for-like, 10-15 % new/enlarged space” trend), a clear message from CFO Andrea Bonini and CEO Andrea Guerra.
The real star of the show is Miu Miu. In the nine months, it grew +41 %, and in Q3 alone +29 %. This brand’s growth was described as “very well balanced between price points, in the price‐mix volume, across the different product categories, and throughout all regions.” Its share of the Group’s retail sales has grown from 25 % to 32 % now.
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The brand’s geographical performance showed strong overall growth across key regions. In the Asia Pacific, revenue rose by 10% over nine months, with double-digit growth in Q3 and “some signs of improvement in trends in mainland China extending into October.”
The Americas recorded a 15% increase over nine months and an even stronger 20% growth in Q3, reflecting sustained momentum. In Europe, performance was up 6% over nine months, with Q3 also positive, supported by resilient local demand despite softer tourism. Japan saw a modest 3% rise over nine months, while Q3 declined by 1%, though trends improved quarter-on-quarter.
The Middle East delivered a very solid 21% growth over nine months and 10% in Q3, despite facing high comparison bases.
Prada laid out its future store strategy. For Miu Miu, approximately 10-12 new stores opened, plus enlargements in 8-10 more. For Prada, the tone is more cautious: fewer store openings in the next 12-24 months, some closures, and more emphasis on the productivity of the existing network. As Guerra put it: “Our long tail is too long… we’re also working on trimming the long tail” of stores.
