Conflict in the Middle East weighed on results, while Versace contributed €143 million in its first full quarter under Prada ownership
Prada Group reported net revenues of €1,428 million in the first quarter of 2026, up 6% at reported exchange rates and 14% at constant currency, with the Americas posting the strongest regional performance.
Constant-currency retail sales in the Americas surged 34%, powered by strong local demand; strip out Versace and the organic gain was 15%. A 13% constant-currency advance in Asia Pacific was underpinned by positive momentum across Mainland China, Hong Kong, Macau, and Korea.
Retail sales dropped 22% in constant-currency terms in the Middle East, where ongoing conflict depressed purchases by locals and visitors alike, making it the group's worst-performing region. Excluding Versace, Europe contracted 6% organically, as softer tourist flows bore most of the pressure, though local clients also pulled back modestly. In Japan, stripping out Versace left an organic decline of 2%, even as domestic consumer demand held its ground relative to a strong prior-year period.
On a reported-currency basis, group retail sales reached €1,245 million, a 2% increase, with the constant-currency figure coming in at 10%. Strip out Versace and the organic retail advance narrows to 1%, set against a 13% comparable from a year ago — what the company described as the most demanding lap of the year.
For the Prada brand, constant-currency retail growth of 0.4% matched the pace set in the fourth quarter of 2025; full-price selling underpinned the result even as the outlet channel continued to shrink its share. At constant currency, Miu Miu grew 2.4%, a result measured against the 60% surge the label recorded in the equivalent period of 2025.
The €143 million net revenue contribution from Versace — which came under Prada ownership in December — met the group's internal targets for its first full quarter in the portfolio. The brand is being steered away from discounting and toward a tighter assortment with greater emphasis on craftsmanship and quality.
"The group delivered another quarter of growth in a disrupted environment and against the most challenging comparison base of the year," CEO Andrea Guerra said in a statement. "Prada maintained momentum, showing further improvement in full price sales. Miu Miu remained highly desirable; while its remarkable growth journey raises the bar, we are reassured by the health of this growth, achieved without compromises, and confident about future opportunities."
Chairman and executive director Patrizio Bertelli said the group is navigating a "highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics," adding that its manufacturing capabilities are a key asset in maintaining flexibility.
Analyst forecasts compiled by Visible Alpha had pointed to roughly €1.4 billion in revenues excluding Versace, meaning the Reuters-cited figure of approximately €1.3 billion fell short of that bar.
