Performance differed sharply by brand. Prada’s retail sales were down 1% for the year, but the label improved as 2025 progressed and returned to growth in the fourth quarter, rising 0.4%. The group said Prada maintained engagement through new retail concepts and key openings, including a flagship store in New York and the Prada Alexandra House concept in Hong Kong.
Miu Miu once again delivered the strongest growth in the portfolio. Retail sales surged 35% year on year, following an exceptionally high base in FY24, when the brand had grown 93%. In the fourth quarter, Miu Miu sales rose 20%, reflecting what the group described as balanced expansion across geographies and product categories. Store openings and upgrades in Wuhan, London and Tokyo supported customer engagement and helped sustain the brand’s momentum.
Patrizio Bertelli, chairman and executive director of Prada Group, said, “We are pleased to report another solid set of results in 2025, with healthy growth and sound profitability, achieved in a challenging macroeconomic and industry context. The desirability of our brands remains rooted in creativity, consistency and authenticity. Our manufacturing platform is a key strength, supporting quality, craftsmanship and the operational agility required by the market. The acquisition of Versace marks a significant step in the strategic evolution of the Group, adding a highly distinctive and complementary brand to our portfolio and contributing to our long-term growth ambitions.”
Group CEO Andrea Guerra framed the year as another demonstration of execution discipline and brand resilience, while also setting expectations for the integration work ahead. “The results achieved in 2025 mark five consecutive years of growth for the group; a solid performance delivered against tough multi-year comps. Meticulous execution, built on constant attention to routines across functions, continued to underpin the progress of our brands. Over the year, Prada showed good resilience, proving to be on a solid strategic stance; Miu Miu delivered yet another year of remarkable growth,” said Andrea Guerra, group CEO.
“With the acquisition of Versace, we welcomed a brand with incredible heritage and awareness; this new journey will demand respect, care and patience. Looking ahead, we remain committed to the ambition to deliver above-market growth for the Group. With respect to profitability, ex Versace, we continue to aim for organic margin progression; Versace’s consolidation will drive a dilutive effect on the group EBIT margin in FY-26, with a target to resume progressive improvement from FY27,” added Guerra.
Regional trends: Americas lead, Asia stays positive
By geography, Asia Pacific delivered 11% growth for the year, or 10% organically. Europe increased 5% (4% organic), though the group said trends weakened in the second half amid lower tourism and tough comparisons.
The Americas stood out as the strongest region, with 18% growth (15% organic) supported by robust local demand. Japan grew 3%, while the Middle East advanced 15%, although growth there also moderated later in the year.
Investment, balance sheet and sustainability
Prada continued to spend behind its long-term strategy, reporting capital expenditure of €535m excluding real estate. The group ended 2025 with net debt of €466m, supported by what it described as strong cash generation.
The company also outlined progress on sustainability, citing initiatives across environmental and social programmes. It said investments in green energy and operational improvements helped it exceed science-based targets for Scope 1 and Scope 2 emissions. Prada also expanded work on supply-chain traceability, water stewardship and responsible chemical management.
Versace: scale added, profitability still to come
Versace contributed net revenues of €684m in FY25, but the brand remained loss-making at an operating level. Prada said it expects some revenue contraction at Versace in 2026 as the label moves through a creative transition and adjusts distribution, with profitability improvement targeted from 2027 onward.
Overall, Prada Group 2025 net revenues underline the group’s ability to grow through mixed market conditions, while 2026 is set to be shaped by the near-term margin dilution of Versace and the longer-term ambition to resume progressive margin improvement from FY27.