Italian luxury fashion house Prada S.p.A. reported a 21% rise in net revenues to €4.2bn for the year ending 31 December 2022, driven by strong growth in retail sales which increased by 24 per cent to €3.7bn.

The company saw strong performance across all product categories, with leather goods up 18 per cent, ready-to-wear up 27 per cent, and footwear up 29 per cent. Gross margin was 78.8 per cent of revenues, equivalent to €3.3bn, while adjusted EBIT margin was 20.1% of revenues, or €845m.

Despite weakness in China due to Covid-19, Prada reported an overall growth of 25 per cent and Miu Miu saw revenues increase by 20 per cent, with a sharp acceleration in H2 due to successful products, fashion shows and events. The company’s online sales also saw double-digit growth, while penetration remained stable at 7 per cent of retail sales.

Among geographies, Asia Pacific declined by 2 per cent to €1.23bn, offset by strong performance in Korea and Southeast Asia. Europe saw growth of 63 per cent, the Americas generated growth of 22 per cent, Japan grew 31 per cent and the Middle East increased 23 per cent in total.