1 per cent. “We are navigating a highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics,” said Patrizio Bertelli, Prada Group chairman and executive director.  “Against this backdrop, we continue to centre our brands’ performance on consistent and authentic creativity while aiming to constantly improve agility and flexibility across the organisation; our own manufacturing capabilities are a key asset in this regard.” Miu Miu stalls  If any brand has a perception problem to manage this quarter, it’s Miu Miu, which grew 2.4 per cent after growing 60 per cent in the same period last year. Growing at all against a 60 per cent baseline, while the Middle East was down 22 per cent across the board, shows the brand still has real demand. CEO Andrea Guerra noted in the earnings release that this growth came “without compromises”, meaning no fire sales, no desperate promotions, no flooding the wholesale channel to hit a number. The Americas and Asia Pacific both kept growing for Miu Miu. Europe and the Middle East pulled back, mostly because international tourists are spending less right now. America is working The standout region this quarter was the Americas, where retail sales grew 34 per cent at constant currency or 15 per cent organically, once you strip out Versace. Both Prada and Miu Miu contributed, driven by strong local American spending rather than tourist traffic. The group invested in its US retail infrastructure and local teams over the past few years, and Q1 suggests that investment has reached a point where it’s delivering consistent returns. Asia Pacific was also solid, up 13 per cent at constant currency, 5 per cent organically, with Mainland China, Hong Kong, Macau and Korea all contributing positively. China’s luxury market is still finding its footing post-pandemic, but Prada appears to be navigating its recovery better than some of its bigger rivals. Versace’s destiny  Versace contributed €143 million to group revenues this quarter and hit the targets the group had set internally. That’s the good news.  The brand is being rebuilt from the ground up. The focus is shifting away from discounting and toward higher-quality products at full price, a journey Prada itself has gone through. New creative director Pieter Mulier won’t show his first collection until early 2027, so the real creative reset is still ahead. The group has committed around €250 million to the relaunch, and Versace’s costs will weigh on overall group profits through all of 2026, with improvement expected from 2027 onwards. “Our strategy, solid and well-structured on the higher end of the product range on one side, and in attracting new clients on the other, will be crucial in the coming months,’ said Andrea Guerra, group CEO of Prada Group. “In parallel, we shall continue to execute with discipline, vigilant but committed to our ambition to deliver above‑market growth for the group.” Further reading: Prada FY2025: Miu Miu drives growth as group prepares Versace turnaround.