Prada's growth rate in the third quarter decreased by nearly 80% year-on-year
Since the first quarter of 2013, the growth has shown signs of fatigue, and Prada, the luxury brand, has continued to slow performance. The group’s latest financial report shows that compared to the strong growth rate of 32.9% in the same period of last year, Prada achieved a net increase of only 7.1% in the third quarter of the end of October, and the growth rate has dropped by nearly 80%. In the first half of this year, Prada also achieved 11.7% growth.
In the first three quarters of fiscal 2013, Prada's total net income was 2.576 billion euros, a year-on-year increase of 10.1%. In the first nine months of the previous fiscal year, the year-on-year growth rate reached 35.2%.
In terms of geographical area, the Americas and Japan showed an accelerated growth trend, but Europe and the Asia-Pacific region have slowed down with the overall market trend. In particular, the Asia-Pacific region of Prada’s largest market is currently experiencing unsatisfactory performance and its performance has been slowing down.
In the third quarter of this year, Prada achieved a net increase of 7.9% in net income in the Asia-Pacific region, which represents a slowdown from 24.8% and 17.9% growth in the first and second quarters.
In the first nine months of fiscal 2013, net sales in the Asia-Pacific region were 932 million euros, a year-on-year increase of 14.4%, and a drop of more than 60% compared to the 40.5% growth rate in the same period last year in the region. Among them, net sales in Greater China amounted to 593 million euros, a year-on-year increase of 14.8%.
Prada management stated in the earnings conference call that it is satisfied with the Chinese market. Although the number of Chinese tourists traveling to Europe has decreased, the number of tourists visiting the United States has increased. This is also reflected in the continued growth of the US market.
From the brand point of view, Prada Group still maintains its dependence on Prada, the main brand. The brand's performance accounts for more than 80% of the group's total revenue. Prada's brand sales increased by 10% in the third quarter, but the group wanted to promote another brand. MiuMiu’s revenue declined by 2%.
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