Prada’s Slight Uplift and Miu Miu’s Negative Growth

Earnings

By Joe Bobowicz

October 22, 2026

Prada Spring/Summer 2027 Photo: Vogue Runway

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Prada Group’s net revenues grew 1% organically in the third quarter of 2026; in the first nine months of the year, organic revenues climbed 4% to €4.5 billion.

Prada retail sales delivered 1% growth in the quarter, while Miu Miu dropped 3%.

The Americas was the strongest territory, with year-on-year growth of 5%, and Asia-Pacific and Japan came in flat.

The Middle East improved quarterly, but remained a drag on performance, notably for Miu Miu.

Wholesale organic revenue for the group climbed 12% in Q3, while royalties revenue was up 24% and retail was flat.

The breakdown

Organic revenues for Prada Group — parent company to Prada, Church’s, Miu Miu, and Versace — rose 1% year-on-year on a constant currency basis in the third quarter of 2026.

By brand, Prada’s retail sales were up 1% in the quarter, while Miu Miu reported a 3% sales slip. The company noted that Miu Miu’s performance was broadly stable, offset by a dip in the Middle East. Church’s growth flattened in Q3.

While Miu Miu’s decline might appear concerning, it contextually aligns with an ongoing normalization that kicked off in Q1, according to executives. Indeed, in Q3 2025 , sales spiked 29%, making a tough comparison basis for the quarter.

Nonetheless, Guerra noted positive reception to the Miu Miu Spring/Summer 2027 show, describing it as a “safeguard” for the company and adding that the brand is more affected by the East Asian slowdown. Upcoming headwinds for Miu Miu will be addressed through driving brand equity, smart retail tactics, and ambitious plays on market share opportunities.

Prada Group shared only a few performance metrics for Versace, which is undergoing a transition following the appointment of creative director Pieter Mulier , which officially began in July 2026. The strategy to move away from discounting and rationalize stores continues.

Exposure to conflict in the Middle East and a continued slowdown in China dragged on the group’s performance. Prada Group remains positive about the future despite slower growth at Prada and the disappointing performance of Miu Miu.

CEO Guerra noted a shift in weather, slowdowns, and “many different factors” affecting the climate. “What is important today is that constantly, you are able to show how desirable your brands are, how proactive you are in the market, and what level of conversation you’re able to keep with your best constant clients,” said CEO Andrea Guerra on Thursday’s investor call.

“Life has changed, and I think we are ready for this.”

By territory, the Americas bolstered performance, delivering 5% in the third quarter, thanks to strong domestic demand. This was followed by Asia-Pacific and Japan, which were each flat in the quarter. Europe was down 3%, while the Middle East fell 18%.

On China, Guerra said: “We gained a lot of market share in China. I think many different things enabled us to be very close to the Chinese consumer.

For a long time, for Prada, it’s been an excellent investment, where we’ve attracted a lot of clients. On the other side, for Miu Miu, it’s one of the [core markets].

We’re keeping on, especially on ready-to-wear. Obviously, it’s a tough place.

We’ve seen improvement in terms of traffic in the last couple of months, but maybe [it’s] not so judgeable, because we’ve seen a lot of Chinese people traveling.”