Miu Miu Is Officially Prada’s Star Pupil with 41% Growth

Prada Group delivered a 9 % increase in net revenues for the first nine months of 2025, rising to approximately €4.1 billion at foreign-exchange rates. What makes the result especially noteworthy is the standout performance of the younger label, Miu Miu, which grew by 41% in the same period, raising its contribution to the Group’s retail sales from 25% to 32%. 

At a time when many luxury brands are facing uncertain traffic, macroeconomic headwinds, and currency pressures, Prada’s recent call demonstrates how brand mix, geography, and channel execution are working.

Revenue Breakdown

For the third quarter specifically, retail sales increased +8 % and wholesale surged +19 %. Royalties (driven by eyewear and beauty) rose +11 % in the period.

The growth is anchored in full-price, like-for-like retail expansion rather than space alone (“our 80-85 % like-for-like, 10-15 % new/enlarged space” trend), a clear message from CFO Andrea Bonini and CEO Andrea Guerra. 

The real star of the show is Miu Miu. In the nine months, it grew +41 %, and in Q3 alone +29 %.  This brand’s growth was described as “very well balanced between price points, in the price‐mix volume, across the different product categories, and throughout all regions.” Its share of the Group’s retail sales has grown from 25 %  to 32 % now. 

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The brand’s geographical performance showed strong overall growth across key regions. In the Asia Pacific, revenue rose by 10% over nine months, with double-digit growth in Q3 and “some signs of improvement in trends in mainland China extending into October.”

The Americas recorded a 15% increase over nine months and an even stronger 20% growth in Q3, reflecting sustained momentum. In Europe, performance was up 6% over nine months, with Q3 also positive, supported by resilient local demand despite softer tourism. Japan saw a modest 3% rise over nine months, while Q3 declined by 1%, though trends improved quarter-on-quarter.

The Middle East delivered a very solid 21% growth over nine months and 10% in Q3, despite facing high comparison bases.

Prada laid out its future store strategy. For Miu Miu, approximately 10-12 new stores opened, plus enlargements in 8-10 more. For Prada, the tone is more cautious: fewer store openings in the next 12-24 months, some closures, and more emphasis on the productivity of the existing network. As Guerra put it: “Our long tail is too long… we’re also working on trimming the long tail” of stores.

Product Mix & Risks Headwinds

When asked which categories are driving growth, they credited the acceleration in leather goods. For Miu Miu, the growth was described as broad across categories and regions. 

While the results are positive, the Group is clear about remaining cautious. Challenges include: currency volatility, potential supply-chain disruptions, weaker tourism in key markets like Europe and Japan, and the risk of market saturation in mature markets. 

China remains a concern: although improvements in the holiday period were noted, the Group cautioned against expecting the double-digit growth seen in previous years.

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For investors, the 9 % top-line growth is reassuring given that many luxury peers are facing decelerating growth. The uplift by Miu Miu suggests that Prada Group’s brand portfolio strategy is gaining traction. The shift of retail sales contribution from Prada to Miu Miu (25 % to 32 %) is significant, indicating that the Group is successfully rebalancing.

In an industry facing changing consumer behaviours, weaker tourism, and currency headwinds, Prada’s emphasis on full-price, selective expansion and brand desirability is well-positioned. However, investors should watch margin expansion closely, given that FX headwinds and op-ex growth remain risks.

Prada Group’s first-nine-month performance for 2025 tells a story of resilience, strategic clarity and emerging strength in its growth brand. The headline 9 % net-revenue growth masks a more nuanced picture, a legacy brand holding its ground, while Miu Miu surges ahead to become a more meaningful part of the portfolio. 

The luxury landscape remains complex: traffic is normalising, not booming, currency and macro pressures remain, and China’s recovery is not yet full-steam. Prada’s comment that “luxury is patience” and that the industry is “on a plateau” is telling; growth is there, but it won’t be effortless. For the Nigerian luxury-consumer market and global watchers alike, Prada’s results highlight one key truth: mix, brand strength and execution matter more than ever.