The Milan-based group closes the first nine months of 2026 with €4.54 billion in revenue. The Americas are driving sales, while Europe stays weak. The new challenge is bringing Versace back to the center of the market.
The Prada Group keeps growing in a luxury market that is struggling to find stability. In the first nine months of 2026 revenue reached €4.54 billion, up 15% at constant exchange rates. A significant result, but one that needs a closer reading: excluding the contribution of Versace, which joined the group at the end of 2025, organic growth stops at 4%. And in the third quarter it slows further, reaching just 1%.
The gap between these numbers tells the story well. Prada retains an industrial and commercial solidity that many competitors now struggle to match, but even for the group led by Andrea Guerra the market has become more selective. Retail sales, at €3.93 billion, grow 11%, while organic growth is limited to 2%. The Prada brand posts a 2% gain over nine months and 1% in the quarter, confirming a resilience that, in the current climate, still carries its own value.
More interesting is what is happening at Miu Miu. After seasons of exceptional growth, the brand is slowing markedly: just +1% over nine months, against +41% in the same period of 2025. In the third quarter sales fell 3%, although the group notes that, excluding the effects of the Middle East, performance would be essentially stable. It was hard to imagine that pace could last indefinitely. What remains to be seen is how much of Miu Miu’s success is set to become lasting, and how much depended on a particularly favourable phase, fuelled by the strong media exposure of its collections.
Geographically, the Americas still deliver the best results, with organic growth of 13%. Asia Pacific advances 5%, while Europe loses 3% on a like-for-like basis. The Middle East posts a 23% contraction, weighed down by regional tensions. It is a map of consumption that is shifting, with some markets able to sustain demand and others where the customer looks more cautious.
Then there is Versace, which contributed €441 million over the nine months. The acquisition opens a delicate chapter. The brand holds a recognisable aesthetic heritage, built on colour, sensuality and a decorative language that belongs to the history of Italian fashion. Restoring its commercial strength without diluting its character will be the hardest task. Much will depend on the work of Pieter Mulier, expected to debut creatively in 2027.
Meanwhile Prada keeps investing in manufacturing, as shown by the new leather goods hub in Piancastagnaio, in Tuscany. A concrete industrial choice, in a sector where production quality should again carry more weight than the constant chase for visibility.
The nine-month results leave a clear message: Prada is growing, but the 15% headline figure does not on its own tell the real speed of the group. Organic growth is slowing, Miu Miu is going through a settling phase, and Versace still has to prove its potential under new ownership. It is on these three fronts that the quality of the next results will be measured.
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Alessandro Sicuro
Brand Strategist | Photographer | Art Director | Project Manager
Alessandro Sicuro Comunication
