Prada Group nine-month 2026 results: 4.54 billion euros, but organic growth is only 4%

Prada Group reported net revenues of EUR 4,541 million (about $5.1 billion) for the first nine months of 2026, up 15% at constant currency, in a press release dated October 22, 2026. The company's own organic figure, which strips out the Versace acquisition, is +4%. That gap is the story.

Headline versus organic

The table in the release compares EUR 4,541 million with EUR 4,070 million in the same period of 2025. That is +12% at reported exchange rates and +15% at constant currency. Versace, which Prada Group acquired at the end of 2025, contributed EUR 441 million. Organic growth, which excludes Versace, was 4%.

Retail sales, the group's biggest line, were EUR 3,934 million, up 11%, or 2% organic, "against +9% in the 9M-25." Wholesale was EUR 428 million, up 35% (17% organic), and royalties were EUR 178 million, up 77% (16% organic). In the third quarter, net revenues grew 11% and organic growth was 1%.

Retail, wholesale and royalties

The release splits the revenue by channel. Retail sales were EUR 3,934 million, about 87% of the total, against EUR 3,647 million a year earlier. Wholesale rose from EUR 322 million to EUR 428 million, and royalties from EUR 101 million to EUR 178 million. The wholesale and royalty lines are small but they grew fastest, and Versace's contribution is a large part of why.

Prada versus Miu Miu

Prada brand retail sales grew 2% over the nine months and 1% in the third quarter. The company credits positive performance in the Americas and Asia Pacific, "including China," and broadly stable Europe and Japan.

Miu Miu is the softer line. Its retail sales grew 1% over nine months and fell 3% in the third quarter. The release states the comparison plainly: "+41% in the 9M-25 and +29% in Q3-25," plus "a less favourable geographical mix." Excluding the Middle East, the company says, Q3 was "broadly stable." A year ago Miu Miu was the growth engine of the group, so a flat year is a big change in tone even if the brand's retail metrics are described as very robust.

The map: Americas up, Middle East down

Retail sales by geography over nine months, at constant currency, according to the release:

• Americas: EUR 851 million, +33% (+13% organic), the best region in Q3.
• Asia Pacific: EUR 1,344 million, +12% (+5% organic), with Mainland China traffic subdued and Korea, Hong Kong and Macau positive.
• Europe: EUR 1,180 million, +5% (-3% organic).
• Japan: EUR 424 million, +5% (+2% organic).
• Middle East: EUR 136 million, -23%.

The Middle East was EUR 182 million in the same period of 2025, so the region lost EUR 46 million in reported retail sales. The company says it improved quarter over quarter but kept weighing on results, particularly Miu Miu.

Region by region in the third quarter

The release is specific about the quarter. The Americas "remained the best performing region," with domestic demand described as robust, though softening against high comparison bases. Asia Pacific was stable, with a "subdued traffic environment in Mainland China" offset by Korea, Hong Kong and Macau. Europe stayed in line with the second quarter, which the company calls "more muted." Japan was stable and moderating on tougher comparisons. The Middle East improved quarter over quarter on local consumption but is still the largest drag.

What the brands did in the period

Prada showed its womenswear spring 2027 collection, which the release says celebrated "Prada's longstanding fascination with skirts," and in September unveiled the Prada Galleria project in Milan, described as a multi-floor experience of fashion, food and culture. Miu Miu showed its spring 2027 collection with footwear and denim collaborations, ran pop-ups under a new Miu Miu Vinyl Club format and opened a Shanghai IFC lounge. Versace, the release says, "continued to advance on its strategic priorities" while the integration within the group "is progressing on track."

What management says

Chairman Patrizio Bertelli wrote that "the environment remains complex and volatile, requiring focus, agility and rigorous execution," and pointed to the new leather goods production facility in Piancastagnaio, Tuscany. CEO Andrea Guerra said "Prada ended the 9-month period and the quarter in positive territory," and that Versace "continued to lay the foundations for the creative debut in 2027."

The release publishes no margin, operating profit or guidance, so none of those can be read from it. For the brand structure behind these numbers, see our Prada Group brands explainer and the note on who owns Versace.

A note on the numbers

All of these figures are unaudited, as the release states, and the group reports "constant currency" growth for most lines, which strips out exchange-rate effects. Where this article gives a euro amount it is the reported figure; where it gives a percentage it is at constant currency unless it says reported. The dollar conversions are approximate.

How others read it

FashionUnited's coverage of the release leads with the same figures. Luxury Tribune, in an October 23, 2026 piece by Eva Morletto, reports third-quarter revenue of EUR 1.49 billion, up 11% at constant exchange rates and in line with analysts' expectations, and reads the slowdown as part of a broader trend toward more cautious luxury spending. That is the outlet's interpretation, not Prada's.

Our take

Prada is holding, not accelerating. The organic number is small but positive in a quarter the CEO called "particularly challenging," and the Americas are doing real work. The watch items are Miu Miu's comparison base, which stays hard through the fall, and Versace's 2027 creative debut, which the release names as the next milestone. Skip any summary that reports 15% without the 4% beside it.