Prada SpA’s sales jumped as the Italian fashion company lured shoppers eager to buy its Miu Miu ballet flats and cardigans.
Net group revenue rose 17% at constant exchange rates to €3.34 billion ($3.57 billion) in the first nine months, Prada said in a statement Tuesday. Miu Miu retail sales soared 49% over the period while “big sister” label Prada rose 13%.
Miu Miu in the third quarter reached the top of the Lyst Index, which tracks both the most searched-for brands and products on its own shopping app, as well as social media mentions. The Prada brand came in third, down from the second spot in the previous quarter.
Ballet flats selling for more than €700 and cardigans costing €1,250 have been some of the more sought-after Miu Miu products, according to Lyst.
Miuccia Prada, the granddaughter of the group’s founder, is creative director at Miu Miu and she splits creative direction duties at Prada with Raf Simons.
The results for Prada come amid a global slowdown in demand for luxury goods. The trend has shined the light on resiliency for some brands, such as Hermes International, compared with peers like Gucci owner Kering SA, which have suffered more.
Luxury behemoth LVMH Moet Hennessy Louis Vuitton SE also disappointed investors earlier this month when it posted sales growth that came up short of estimates at its crucial fashion and leather goods unit.
