Prada Group's retail sales rose 18% in Q3, fueled by Miu Miu's remarkable success, which saw a sales increase of 105% year-over-year, tapping into the Gen Z market.
According to Andrea Guerra, Prada's CEO, the surge in Miu Miu's sales was unexpected: 'I would lie if we said that we would have predicted to double our business year on year,' reflecting strong consumer enthusiasm.
Blanca Zugaza Escribano highlights Miu Miu's appeal, stating it exemplifies a luxury brand that 'has its finger on the pulse of what excites Gen Z,' proving how crucial this demographic is for luxury.
Due to Miu Miu's exceptional performance, Prada plans to expand its presence significantly, with CFO Andrea Bonini noting it has 'boosted profit margins' and allowed further investment in the overall Prada brand.
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