Prada Group reported a 9% increase in first-half sales at constant exchange rates on Wednesday, defying the luxury sector’s slowdown thanks to the strong performance of its smaller but fast-growing brand Miu Miu, even as its core Prada label declined.
Net sales for the Italian, family-owned group—which is set to include the Versace label, acquired in April pending regulatory approval—amounted to €2.74 billion. The result was in line with the consensus forecast by Visible Alpha analysts, with growth supported across all regions.
Retail accounted for 90% of the group’s sales, compared to 8% from wholesale and 2% from licenses, primarily perfumes and eyewear. Prada sales reached €1.647 billion, while Miu Miu posted €780 million.
Geographically, the group saw a slowdown in tourist spending but offset it with solid local demand. Sales in the Asia-Pacific region rose 10% to €838 million in the first half. In Europe, despite a softer second quarter, sales grew 9% to €728 million. The Americas posted a 12% rise to €424 million, while Japan increased 4% to €326 million. The Middle East recorded the strongest gain, with retail sales up 26% to €137 million.
Retail sales for the Prada brand fell 2% during the period, while Miu Miu surged by 49%, representing nearly one-quarter of the group’s total sales in 2023.
Last month, the group parted ways with Gianfranco D’Attis, general manager of the Prada brand. In a conversation with financial analysts, Andrea Guerra, the group’s CEO who has temporarily taken over the role, said, “If it’s an interim, it will be a long interim.”
Guerra expressed optimism about both Prada and Miu Miu’s positioning, crediting their ready-to-wear strength as a lever to capture future market share. “We’re happy with the last few months. We don’t see any big changes since the beginning of the quarter. We navigated the last period in a new world. We’re working in that world. This means we have to have collections that are adapted to this world, collections that have soul, products that are capable of giving emotions. Wealthy customers are looking for unique, personalized products.
“To achieve this, we need to improve our infrastructure, our systems… We’re not looking for shortcuts, and we’re very attached to full price and efficiency. This means constant vigilance, and every six months we look at how we can become leaner and more agile. This is to remain desirable and unique in this new world.”
According to Guerra, enhancing desirability will require focused work on leather goods across both brands, which still offer growth opportunities. He also noted the importance of expanding Miu Miu’s physical presence in North America. He estimates store spaces there could increase by 10% to 12% between 2026 and 2027, either through expansions or new openings.
The group’s adjusted operating profit rose by 8% to €619 million for the half-year, slightly below the €636 million operating EBIT forecast by Visible Alpha analysts.
“This good performance was achieved in a difficult context, somewhat unprecedented in our sector,” said Prada Chairman Patrizio Bertelli. “We believe that structural growth opportunities remain unchanged, but we are aware that in the short term we may continue to face a turbulent economic environment,” he added.
The group reiterated its expectation that the Versace acquisition, agreed in April, will be finalized in the second half of the year.
However, a broader recovery in the luxury goods industry remains elusive. Kering, owner of Gucci, reported a 15% drop in quarterly sales on Tuesday, while LVMH posted a 4% decline last week—slightly better than expected.
French luxury group Hermès, which recorded a 9% rise in quarterly sales, also showed signs of being affected by the global slowdown.
FashionNetwork.com with Reuters
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United Colors of Benetton has partnered with the fifth and final season of television series Stranger Things to launch a collaborative collection for men, women, and children in the Indian market.
United Colors of Benetton’s collaboration with Stranger Things – United Colors of Benetton
The casual wear collection was developed in close collaboration with Stranger Things’ costume designer Amy Parris and was inspired by Benetton’s own style archive, the brand announced in a press release. Some of the looks in the collection are reinterpreted 1980s archive pieces from Benetton, which have already featured the new series of Stranger Things, while others have been created in continuity with the original outfits.
“The connection between Benetton and Stranger Things came about almost by chance, at a vintage market in Los Angeles where I was looking for authentic ’80s pieces for the fourth season and where I repeatedly came across original United Colors of Benetton garments from that period,” said Parris in a press release. “Among them was a sweatshirt with the logo and the classic horizontal stripes, which was chosen for one of the characters and marked the first true encounter between the brand and Stranger Things. That intuition later led us to involve Benetton in creating the outfits of some of the fifth season’s protagonists, giving rise to a collaboration that unites the historical heritage of the brand with the aesthetics of the series.”
The ‘Stranger Colors of Benetton’ collection is accompanied by a campaign which mixes an ode to Benetton’s 1980s adverts with the world of Stranger Things. The selection of short- and long-sleeved T-shirts, sweatshirts, and knitwear has launched at Benetton’s stores and online in India with a second drop planned for February 2026.
The Louvre Museum closed its doors to thousands of disappointed visitors on Monday as staff launched a strike to protest working conditions at the Paris landmark, two months after a shocking robbery.
The glass entrance to the Louvre in Paris, France – DR
Workers are demanding extra staff and measures to tackle overcrowding, adding to the woes of the world’s most visited museum just as France is gearing up for the Christmas holidays.
The strike comes nearly two months after the museum was victim of an embarrassing daylight heist that saw crown jewels worth $102 million stolen.
“We are closed,” a security agent told visitors on Monday morning, according to an AFP journalist. “Come back in a few hours.”
Around 400 employees voted unanimously to continue their strike at a general meeting, the CGT and CFDT unions said.
“I’m very disappointed, because the Louvre was the main reason for our visit in Paris, because we wanted to see the ‘Mona Lisa’,” said 37-year-old Minsoo Kim, who travelled from Seoul to Paris with his wife for their honeymoon.
Natalia Brown, a 28-year-old tourist from London, said she was also disappointed. “At the same time, I understand why they’re doing it, it’s just unfortunate timing for us.”
Speaking on the eve of the action, Christian Galani, from the hard-left CGT union, said the strike would have broad support across the museum’s 2,200-strong workforce.
“We’re going to have a lot more strikers than usual,” Galani said. “Normally, it’s front-of-house and security staff. This time, there are scientists, documentarians, collections managers, even curators and colleagues in the workshops telling us they plan to go on strike.”
All have different grievances, adding up to a picture of staff discontent inside the institution, just as it finds itself in a harsh public spotlight following the shocking robbery on October 19.
Reception and security staff complain they are understaffed and required to manage vast flows of people, with the home of Leonardo da Vinci’s “Mona Lisa” welcoming several million people beyond its planned capacity each year.
A spontaneous walk-out protest on June 16 this year led the museum to temporarily close.
The Louvre has become a symbol of so-called “over-tourism”, with the 30,000 daily visitors facing what unions call an “obstacle course” of hazards, long queues, and sub-standard toilets and catering.
Documentarians and curators are increasingly horrified by the state of disrepair inside the former royal palace, with a recent water leak and the closure of a gallery due to structural problems underlining the difficulties.
“The building is not in a good state,” chief Louvre architect Francois Chatillon admitted in front of lawmakers last month during a parliamentary hearing.
Under-fire Louvre boss Laurence des Cars, who faces persistent calls to resign, warned the government in January in a widely publicised memo about leaks, overheating and the declining visitor experience.
After the memo, French President Emmanuel Macron announced a massive renovation plan for the museum, expected to cost 700 million to 800 million euros (up to $940 million).
Questions continue to swirl since the break-in over whether it was avoidable and why a national treasure such as the Louvre appeared to be so poorly protected.
Two intruders used a portable extendable ladder to access the gallery containing the crown jewels, cutting through a glass door with angle grinders in front of startled visitors before stealing eight priceless items.
Investigations have since revealed that only one security camera was working outside when they struck, that guards in the control room did not have enough screens to watch the coverage in real time, and that police were initially misdirected.
Major security vulnerabilities were highlighted in several studies seen by management of the Louvre over the last decade, including a 2019 audit by experts at the jewellery company Van Cleef & Arpels.
Their findings stressed that the riverside balcony targeted by the thieves was a weak point and could be easily reached with an extendable ladder- exactly what transpired in the heist.
Dr Martens announced its independent non-executive director Robert Hanson has been continuing to purchase the brand’s stock, in what looks like a further positive sign for the global footwear retailer.
Dr Martens
In a release to the London Stock Exchange, Dr Martens said Hanson has just purchased another 104,000 shares, worth over £80,000. This is in addition to the 96,000 shares he purchased a week ago (8 December) to the tune of around £75,000.
Hanson, who joined the Dr Martens’ board in March as a non-executive director and was previously president of Americas at Levi’s as well holding CEO roles at American Eagle Outfitters. He looks to be banking on a positive future for Doc Martens (and his post) with directorship purchases taken as a sign they’re expecting an improving performance in the markets and at retail.
Dr Martens is currently working through a recovery from a major period of weakness and it seems to be yielding results. Its first half update in November showed progress, with the America recovering.
Six-month results for the FY26 period to late September showed the execution of its new strategy on track with full-price DTC revenue rising 6%.
But there were some negative figures with overall revenue on a reported basis dipping by 0.8% to £322 million. However, it would have risen by 0.8% at constant currency rates.
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