MILAN (Reuters) – Nine-month revenues for Italian fashion group Prada rose 17% at constant exchange rates as a strong performance in Asia and Europe helped to compensate for weakness in the Americas, the company said on Tuesday.
Net revenues totalled 3.34 billion euros ($3.6 billion) in the first nine months of the year, with the ready-to-wear category showing the fastest growth.
Revenues grew by 10.3% at constant exchange rates in the third quarter, the group, listed in Hong Kong, said in a statement.
“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 2023,” Chief Executive Andrea Guerra said.
Retail sales in the Americas fell 1.3% over the nine months, offset by growth in the Asia Pacific, Japan and European markets.
Rivals in the luxury sector have also been hit by slowing demand for fashion and accessories, particularly in the United States and Europe. ($1 = 0.9379 euros)
(Reporting by Elisa Anzolin; Writing by Keith Weir)
