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Prada Japan Sales Offset Asia-Pacific Decline

Italy’s Prada Group announced that net revenues for 2022 surged 21 per cent to EUR 4.2bn, with retail sales climbing 24 per cent to EUR 3.7bn, despite a single-digit decline in the luxury group’s Asia-Pacific market.

Asia-Pacific (excluding Japan) declined by two per cent year-over-year to EUR 1.2bn, impacted by multiple lockdowns in China. This was offset by the strong performance in Korea and Southeast Asia. The region returned to moderate growth in the second-half, with sales up three per cent. Meanwhile, Japan sales grew 31 per cent, with acceleration in the second half of the year.

“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. The recent changes to our governance structure mark a fundamental evolution for the Group. In 2022, we further strengthened our positioning and our organisation and in the current year we will accelerate the execution of our strategy. We intend to stay on a path of steady and sustainable growth as we work towards the full potential of our brands.”