Prada reported Q3 23 revenues slightly above the consensus and our expectations.
The moderate growth in Europe and ongoing softer demand in the US were offset by strong tourist spending in Asia.
Although in terms of top-line growth, the solid momentum of Miu Miu offset the normalization of Prada, the profitability of Miu Miu continues to lag that of Prada which, together with the increased investment in the brands, could weigh on margins in H2 23.
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Healthy performance in Asia
Prada reported Q3 23 revenues slightly above the consensus and our expectations.
The moderate growth in Europe and ongoing softer demand in the US were offset by strong tourist spending in Asia.
Although in terms of top-line growth, the solid momentum of Miu Miu offset the normalization of Prada, the profitability of Miu Miu continues to lag that of Prada which, together with the increased investment in the brands, could weigh on margins in H2 23.