MILAN – The Prada Group continued to deliver growth in the first quarter of 2026 against the toughest comps in the year.
In the three months ended March 31, group net revenues rose 6 percent to 1.42 billion euros. At constant currency and including the Versace brand, an acquisition deal completed in December, sales were up 14 percent. Excluding that contribution, revenues rose 3 percent.
Group retail sales totaled 1.24 billion euros, up 2 percent, driven by full price. At constant currency they rose 10 percent and excluding Versace they were up 1 percent.
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“We are navigating a highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics,” said Prada Group chairman and executive director Patrizio Bertelli in a statement issued on Thursday. “Against this backdrop, we continue to center our brands’ performance on consistent and authentic creativity while aiming to constantly improve agility and flexibility across the organization; our own manufacturing capabilities are a key asset in this regard. Looking ahead, we will continue to execute with confidence, leveraging the solid foundations we have built over the years and maintaining a strong sense of responsibility towards our people and partners.”
At constant currency, Prada sales inched up 0.4 percent, in line with the last quarter of 2025, supported by further improvements in the Americas and Asia Pacific, in particular Mainland China, Hong Kong and Macau. The performance was underpinned by full price sales, despite the negative impact of the Middle East in the quarter and the continued reduction of outlet contribution.
Miu Miu revenues rose 2.4 percent, against a challenging comparison base in the same period last year, when the brand showed a 60 percent gain, and against greater headwinds from the conflict in the Middle East. The Americas continued to register significant growth, and the Asia Pacific region also showed a positive performance, partially offset by a slowdown in Europe, particularly in traveller spending, and in the Middle East.
Versace progressed in line with expectations, contributing to the quarter with net revenues of 143 million euros. The brand, which will see the first collection by Pieter Mulier as chief creative officer early next year, is progressively repositioning toward full price sales, higher quality and improved depth of the offer. In March, Versace’s executive chairman Lorenzo Bertelli told WWD that while progressively shifting Versace’s focus toward quality, full-price sales and distribution, repositioning the brand and optimizing the retail network, the group planned to integrate processes across functions.
Andrea Guerra, the group’s chief executive officer, touted the company’s growth “in a disrupted environment and against the most challenging comparison base of the year.”
He said that “Prada maintained momentum, showing further improvement in full price sales. Miu Miu remained highly desirable; while its remarkable growth journey raises the bar, we are reassured by the health of this growth, achieved without compromises, and confident about future opportunities.”
About Versace’s integration, Guerra said it’s “progressing well, strengthening organization and processes ahead of the next phase of creative evolution. Our strategy, solid and well-structured on the higher end of the product range on one side, and in attracting new clients on the other, will be crucial in the coming months.”
The executive concluded by saying that the group is committed to its ambition “to deliver above‐market growth.”
In the quarter, sales in the Asia Pacific region increased 5 percent to 461 million euros. At constant currency, sales rose 13 percent and excluding Versace, they were up 5 percent. Miu Miu continued to show “robust growth” in the region, said the company, and Prada registered “further progression” reporting positive trends across Mainland China, Hong Kong, Macau and Korea.
Sales in Europe amounted to 333 million euros, compared with 334 milion euros in the same period last year. At constant currency, the region was up 2 percent and excluding Versace, it was down 6 percent, reflecting particularly challenging comps, as the region reported a 14 percent gain in the first quarter last year. The slowdown was more pronounced in tourist spending, with local clients showing modest decline.
The Americas remained “buoyant,” with sales up 22 percent to 256 million euros. At constant currency, revenues climbed 34 percent and excluding Versace they rose 15 percent, supported by strong local demand and leveraging strengthened organizations and recent investments.
Sales in Japan fell 12 percent, but at constant currency they rose 1 percent and excluding Versace they were down 2 percent, with local consumption remaining stable against a very positive first quarter last year.
The conflict in the Middle East weighed on both domestic and tourist spending, as sales in the region fell 30 percent. At constant currency revenues in the region decreased 22 percent, also excluding Versace.
