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Prada (1913): In the first quarter of 2026, the Group achieved net revenue of €1,428 million, representing a year-on-year increase of 13.8% at constant exchange rates, with organic growth of 2.6%. Despite geopolitical and macroeconomic tensions, the Group maintained its growth momentum. Net retail sales reached €1,245 million, accounting for approximately 87.2% of total revenue, an increase of 10.1% year-on-year. Wholesale business saw a significant increase of 40.2% due to the resumption of supply to Saks Global and contributions from Versace; franchise fees also increased substantially by 83.7%, driven by the eyewear and fragrance businesses. In summary, the Group demonstrated resilience in a complex environment, particularly with the success of its strategic investments in the Americas. Although some regions, such as Europe and the Middle East, faced macroeconomic challenges, the Group maintained healthy growth momentum through optimized market positioning, promotion of full-price sales, and successful integration of the Versace brand.
Tensions in the Middle East have escalated
Tensions in the Middle East have escalated sharply, with attacks on UAE facilities and tensions between the US and Iran directly increasing risks to oil supply. Brent crude surged to $112, and renewed concerns about resurgent inflation have gripped the market. As a result, US Treasury yields rose across the board, with the 30-year yield breaking the 5% mark, putting downward pressure on valuations and causing the three major US stock indices to retreat from their highs. Although the AI sector (such as Palantir and Micron) showed structural resilience supported by strong earnings reports and technological demand, overall market sentiment remained cautious.
Leung Kai Tong is a SFC licensed person accredited to KGI Group to carry on regulated activities (for details, please refer to https://apps.sfc.hk/publicregWeb/indi/ADU276/details). He and/or his associate do not have any financial interest in the recommended issuer or new listing applicant.
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