Prada sees 2% sales decline in APAC in 2022

Retail sales stood at €1.23m (US$1.30b). 

Prada’s retail sales from the Asia-Pacific region declined by 2% to €1.23m, approximately US$1.30b, in 2022. 

The luxury brand linked this decline to the impact of the multiple lockdowns in China. 

Despite this, Prada still recorded a 24% growth in overall retail sales as it performed strongly in Korea and Southeast Asia. 

Moreover, retail sales in Japan went up by 31%, with an acceleration in the second half; whilst sales in the Middle East saw solid growth throughout the year, up 23% in total.

Read more: Prada posts over €180m net income in H1

Prada also saw a strong performance in Europe with a sharp growth of 63%, sustained by domestic sales and an uptick in tourism throughout the year. The Americas generated growth of 22% over the year with a normalisation in the second half due to the increasingly strong comparatives and outbound tourist flows. 

“Prada Group delivered excellent results in 2022, underpinned by brand momentum, greater client engagement, and rigorous strategy execution. The Retail channel drove our performance, achieving strong and broad-based organic growth at both Prada and Miu Miu,” Patrizio Bertelli, Executive Director, said.

“We performed well across all product categories and geographies, more than offsetting weakness in China due to Covid-19. We continued to develop our sustainability capabilities and activities, ensuring they remained linked to the identities of our brands and relevant to our clients.”