Prada hails ‘outstanding’ UK sales amid luxury struggles
The UK arm of Prada has hailed its “excellent” and “outstanding” performance despite the wider slowdown in luxury sales.
The division has reported a turnover of £165.8m for 2023, according to newly-filed documents with Companies House, up from £155.2m in 2022.
Its pre-tax profit dipped slightly in the year from £3.2m to £2.2m.
Prada’s UK sales increased from £148.4m to £159.2m while its turnover in the Republic of Ireland dipped slightly from £6.8m to £6.6m.
During the year the average number of people employed by the UK division rose from 367 to 428.
In 2023, Prada operated 39 retail outlets in the UK, up from 25 in 2022, and two in Dublin and Kildare.
Prada hails ‘excellent performance’
A statement signed off by the board said: “In 2023 the company achieved an excellent performance sustained by the continuous creative momentum of its brands.
“While the year was characterised by the resurgence of severe geopolitical tensions, particularly in the Middle East, and uncertainty in terms of economic outlook, the luxury sector proved its resilience.
“The company’s results reflect significant progress on the path of its strategic, organisation and digital evolution.”
Prada added: “The year was charactered by continuous desirability, sustained by an evolved organisation and rigorous execution.
“The excellent reception of both menswear and womenswear fashion shows and collections confirms the enduring success of the brand’s creative codes, with impactful campaigns and talent strategy boosting visibility and interest globally.
“A well-balanced product category mix drove growth and resilience, thanks to the ability to continuously innovate and to successfully interpret contemporaneity.”
Prada also said: “The outstanding performance was supported by the strong foundations laid in recent years across brand, product, distribution and talents.
“The thriving brand momentum enabled growing awareness and desirability, driving remarkable commercial response across all product categories and regions.
“2023 saw multiple successful launches in leather goods and footwear, as well as a strong performance in ready-to-wear, cementing the brand positioning as trendsetter.
“Likewise, the viral collaborations with New Balance and Church’ amplified the reach towards a broader community, as a reflection of the brand dynamic identity.”
For 2023, the wider Prada group saw its profit surge by 44 per cent to €671m (£574.4m) while its sales increased by 17 per cent to €4.7bn (4bn).
For the first half of 2024, Prada recently reported an earnings before tax of €537m (£459.7m), up from €445m (£380.9m), and net revenues of €2.5bn (£2.1bn), up from €2.2bn (£1.8bn).