PRADA spa
PRESS RELEASEPRADA GROUP REPORTS SOLID START TO THE YEAR
Like-for-like growth drives Retail Sales up 23% YoY in Q1 2023
Milan, 11 May 2023 - The Prada S.p.A. Board of Directors, which convened today,
reviewed and approved the consolidated revenue performance for the first quarter
ended March 31, 2023.
Key highlights (growth percentage at constant currency)•High desirability of both Prada and Miu Miu•Solid growth with €1,065 mln Net Revenues, up 22% yoy, despite uncertain
macroeconomic environment•Retail Sales of €953 mln, up 23% yoy, driven by like-for-like and full price sales•

Strong rebound in Asia Pacific with Retail Sales up 22% yoy; sustainedgrowth in Europe up 28% yoy and Japan up 55% yoy; Americas up 5% yoy;
Middle East up 15% yoy•

Double-digit growth across all product categories: Leather Goods +14%,
Ready-To-Wear +38%, and Footwear +20% yoy•

Continued strength of Prada brand with Retail Sales growth of +21%, andnotable acceleration of Miu Miu to +42% yoy

Patrizio Bertelli, Prada Group Chairman and Executive Director, commented:“We closed a first quarter of solid growth, across all product categories and geographies,
and we continued to consolidate our brands’ desirability. The global context we operate incontinues to be complex and ever-changing, but our strategic priorities are clear, ourorganisation stronger, and the Group remains reactive. We look at the future withconfidence, determined to continue our path of stable and sustainable growth.”
Andrea Guerra, Group Chief Executive Officer, added:“Prada Group has had a positive start to the year. Over the course of the first quarter,
China returned to be an engine of growth, driving a solid sales rebound in Asia Pacific.
Our priority for the year remains increasing store productivity, focusing on retail execution.
Meanwhile, we will continue to invest behind our brands, our stores, and our infrastructure
for the growth of tomorrow. The ever-evolving macro and market backdrop requires us tobe vigilant, but we see benefits in accelerating these investments, if conditions remainsupportive.”Net Revenues1
Net Revenues
Retail Sales
Wholesale Sales
Royalties

Q1-22€ mln
876
778
84
14Q1-23€ mln
1,065953
91
21changes atreported fx+22%+22%+9%+52%changes atconstant fx+22%+23%+9%+52%

High desirability and brand momentum of both Prada and Miu Miu
Prada continues to capitalise on its strong brand traction following well received FW23
Men’s and Women’s shows. The brand had a number of successful activations in thequarter, including dedicated retail events to present the Eternal Gold fine jewellery
collection. The introduction of Leather Goods novelties continued, with the “Moon”
bag, as well as the development of iconic lines such as “Galleria” and “Re-Nylon”.
Lastly, the quarter saw the opening of the Prada Caffè at Harrods, London.
Miu Miu’s brand momentum and visibility were further increased by the highly
successful Miu Miu FW23 fashion show, the launch of its SS23 campaign featuring
Emma Corrin and Kendall Jenner and the excellent reception of the “New Balance for
Miu Miu” sneakers second drop. The brand also continued to successfully develop its
Leather Goods business, with the launch of the new “Pocket” bag.

Retail Sales: quarter-on-quarter acceleration (growth percentage at constantcurrency)
The Retail channel saw continued growth in Q1, up 23% yoy driven by strong like-forlike and full price sales. Growth accelerated from +14% in Q4-22 and registeredpositive contribution from both average price and full price volumes.
At Group level, Leather Goods grew by 14% at constant exchange rates, driven byboth new and iconic lines. Ready-to-Wear remained the fastest growing category at+38%. Retail sales of Footwear also grew strongly at +20%, with continued successof both formal and lifestyle collections.
Compared with the same period of 2022, Retail Sales of the Prada brand increased
by 21% at constant exchange rates, and Miu Miu accelerated to +42%.

1 Unaudited figures

Retail Sales by geography2

Asia PacificEuropeAmericas
JapanMiddle East
Retail Sales

Q1-22
€ mln
296
207
158
7839778

Q1-23€ mln
360
259
174
113
47953

change atreported fx+22%+26%+10%+44%+20%+22%change atconstant fx+22%+28%+5%+55%+15%+23%

Asia Pacific saw a strong rebound in Q1 with Retail Sales up 22%. China returned togrowth with a further yoy acceleration towards the end of the quarter supported by easiercomparables. The business continued to experience solid growth in Southeast Asia aswell.
Europe registered another strong quarter, with sustained double-digit growth of 28%
driven by tourism and local consumption.
Growth in the Americas remained moderate in Q1 at +5%, on a challenging comparison
basis.
Sharp acceleration in Japan, up 55% yoy, benefitting from the Group’s recent
investment in the retail network, solid domestic demand, and increasing tourism flows.
Middle East also registered solid growth, up 15% yoy, albeit in moderation versus theprevious quarter.

For further information
Prada Group Press Officecorporatepress@prada.com
www.pradagroup.com
About Prada Group
Pioneer of a dialogue with contemporary society across diverse cultural spheres and an influential leader in luxury
fashion, Prada Group founds its identity on essential values such creative independence, transformation andsustainable development, offering its brands a shared vision to interpret and express their spirit. The Group owns
some of the world’s most prestigious luxury brands, Prada, Miu Miu, Church's, Car Shoe, the historic Pasticceria
Marchesi and Luna Rossa, and works constantly to enhance their value by increasing their visibility and appeal. TheGroup designs, manufactures and distributes ready-to-wear collections, leather goods and footwear in more than 70
countries through a network of 612 stores (at December 31st 2022) as well as e-commerce channels, selected etailers and department stores around the world. The Group, which also operates in the eyewear and fragrances
sector through licensing agreements, has 24 owned factories and more than 13,700 employees. For more
information, please visit www.pradagroup.com.

2 Unaudited figures