Prada Sales Rose 17% Last Year, Driven by Asia, Miu Miu Brand

Models present creations from the Prada Fall-Winter 2024/2025 collection during Fashion Week in Milan, Italy, February 22, 2024. (Reuters)
Models present creations from the Prada Fall-Winter 2024/2025 collection during Fashion Week in Milan, Italy, February 22, 2024. (Reuters)
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Prada Sales Rose 17% Last Year, Driven by Asia, Miu Miu Brand

Models present creations from the Prada Fall-Winter 2024/2025 collection during Fashion Week in Milan, Italy, February 22, 2024. (Reuters)
Models present creations from the Prada Fall-Winter 2024/2025 collection during Fashion Week in Milan, Italy, February 22, 2024. (Reuters)

Italian luxury group Prada said on Thursday its 2023 net revenues rose 17% at constant exchange rates, driven by growth in Asia and the outstanding performance of its Miu Miu brand, and expects to outperform the market this year.

The group's net revenues totaled 4.7 billion euros ($5.1 billion) last year, broadly in line with analysts' expectations, after a "very positive" fourth quarter which also showed a 17% sales increase.

The two first months of 2024 showed a similar trend to the one reported in the fourth quarter, Prada's Chief Executive Andrea Guerra told analysts in a conference call.

In 2023 as a whole, sales in the Asia Pacific area rose 24%, Europe grew 14% after slowing down in the second half, and sales in the Americas were flat.

Prada's adjusted operating profit rose 26% to 1.06 billion euros last year.

"As with 2023, while quarterly growth trajectory may not be linear through the year, we retain our firm ambition of delivering solid, sustainable, above-market growth," CEO Andrea Guerra said in the statement.

The group, which owns the eponymous brand as well as Miu-Miu, Church's and Car Shoe, proposed a divided of 0.137 euros per share.



Shein Faces 150-mn-euro Fine in France

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
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Shein Faces 150-mn-euro Fine in France

FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo
FILE PHOTO: A view of a Shein pop-up store at a mall in Singapore April 4, 2024. REUTERS/Edgar Su/File Photo/File Photo

E-commerce giant Shein faces a possible 150-million-euro ($175-million) fine in France for failing to properly get consent to track users on the internet.

The regulator, the CNIL, faulted the fast-fashion retailer for using trackers called cookies that enable for targeted advertising to users without their approval as required in Europe, or for using a confusing method to get consent.

It also found during a 2023 inspection that when users refused the tracking cookies Shein continued to read information from them.

Given the firm has the technical and staff resources necessary to comply with the regulations its behavior was negligent, said CNIL.

Shein had recently complied with the regulations, it added.

A final decision on fining the fast-fashion giant should come within weeks.

Shein called the proposed amount of the fine "disproportionate", in a statement sent to AFP.

"Since August 2023 we have actively worked with the CNIL to ensure our compliance and respond to their queries," the China-founded firm said.

This additional possible fine from the CNIL follows a record 40 million-euro penalty it received last week from France's competition and anti-fraud office over "deceptive commercial practices" by misleading customers on price deals and on its environmental impact.