Core Viewpoint - Miu Miu's recent high-priced fashion items, including a diamond-studded apron dress priced at 152,000 RMB, have sparked consumer debate and highlight the brand's unique positioning in the luxury market [1][5]. Group 1: Product Launch and Consumer Reaction - A diamond-studded apron dress from Miu Miu's Spring/Summer 2026 collection has been priced at 152,000 RMB, leading to mixed reactions from consumers on social media [1][5]. - The dress is part of a collection themed "At Work," which explores the value of women's labor and multiple identities through fashion [1][5]. - Miu Miu's customer service indicated that the specific item is not available for purchase, reflecting potential exclusivity or limited production [1][5]. Group 2: Financial Performance - Prada Group reported a net revenue of 4.07 billion euros for the nine months ending September 30, 2025, representing an 8.9% year-over-year increase [2][6]. - While Prada's retail sales decreased by 2% year-over-year, Miu Miu's revenue saw a significant increase of 41%, indicating strong brand performance [2][6].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 | 截至月份: | 2025年12月31日 | | | | 狀態: 新提交 | | --- | --- | --- | --- | --- | --- | | 致：香港交易及結算所有限公司 | | | | | | | 公司名稱: | PRADA S.p.A. | | | | | | 呈交日期: | 2026年1月5日 | | | | | | I. 法定/註冊股本變動 | | | | | | | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | 於香港聯交所上市 (註1) | 是 | | 證券代號 (如上市) | 01913 | 說明 | | | | 本月底法定/註冊股本總額： EUR 255,882,400 FF301 第 1 頁 共 10 頁 v 1.1.1 法定/註冊股份數目 面值 法定/註冊股本 上月底結存 2,558,824,000 EUR 0.1 EUR 255,882,400 增加 / 減少 (-) 0 EUR 本月底結存 2,558,824,000 EUR 0.1 EUR 255,882,400 FF301 ...

Group 1 - Prada is launching a Christmas-themed limited event at the Prada Rongzhai Garden, featuring a collaboration with renowned director Wong Kar-wai for a refined dining project [1][12] - The winter menu at the restaurant "Mizhang Prada Rongzhai" is designed by Riccardo La Perna, focusing on a healthier lifestyle with simplified ingredients to enhance flavor [5][6] - The restaurant emphasizes handmade pasta, prepared daily with careful consideration of ingredients to ensure optimal taste and nutritional value [6][8] Group 2 - The winter menu includes a variety of dishes such as tuna tartare, lobster slices, and beef, creating a complete sensory experience [5][8] - The main courses blend tradition and innovation, featuring classic dishes like braised beef and delicate fish preparations, along with comforting desserts like Sicilian ice cream and tiramisu [8][10] - A special holiday menu is available from now until December 31, featuring unique dishes like seafood soup and lobster pasta, with a festive jazz trio performing on New Year's Eve [10][12] Group 3 - The Christmas-themed event includes an immersive experience with a holiday market and special installations, showcasing Prada's 2025 holiday collection centered around the concept of "homecoming" [12] - The market features traditional Italian desserts, including handmade panettone cakes and other festive treats, along with a dedicated area for hot chocolate and holiday sweets [12]

Group 1 - Macquarie has adjusted Prada's net profit forecasts for 2025 to 2027 down by 1.5%, 1.3%, and 1.3% respectively, considering currency headwinds [1] - The target price for Prada has been reduced by 2% from HKD 60 to HKD 59, while maintaining an outperform rating based on a 20x P/E ratio for 2025 [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while reported retail and group sales are projected to increase by 0.2% and 0.9% respectively [1] Group 2 - Macquarie anticipates resilience in the group during the fourth quarter amid macro uncertainty and market share gains, with a projected 1% year-on-year increase in retail sales for the Prada brand [2] - Miu Miu is expected to achieve a robust 20% year-on-year growth in retail sales for the fourth quarter, with plans to expand retail space by 10% to 15% next year, which may drive further growth [2] - The group expects Versace to negatively impact the company's EBITDA by EUR 50 million to EUR 100 million annually over the next two years, but Macquarie believes this outlook may be conservative and has potential for upside [2]

Group 1 - Macquarie has adjusted Prada's net profit forecasts for 2025 to 2027 down by 1.5%, 1.3%, and 1.3% respectively, considering currency headwinds [1] - The target price for Prada has been reduced by 2% from HKD 60 to HKD 59, while maintaining an outperform rating based on a 20x P/E ratio for 2025 [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while reported retail and group sales are projected to increase by 0.2% and 0.9% respectively [1] Group 2 - The group is expected to show resilience in the fourth quarter amid macro uncertainty and market share gains, with a projected 1% year-on-year increase in retail sales for the Prada brand [2] - Miu Miu is anticipated to achieve a robust 20% year-on-year growth in retail sales for the fourth quarter, with plans to expand retail space by 10% to 15% next year, which may drive further growth [2] - Macquarie believes the forecasted EBIT impact of EUR 50 million to 100 million from Versace over the next two years is conservative and has potential for upside [2]

Group 1 - Macquarie published a report on Prada, lowering the target price but maintaining the rating [1] - For the fourth quarter, retail sales are expected to grow by 7% year-on-year at constant exchange rates, while retail and group sales are projected to increase by 0.2% and 0.9% year-on-year at reported exchange rates, respectively [1] - Concerns regarding the slowdown in the growth of the Miu Miu brand are considered excessive, as it has grown approximately 150% over the past two years [1] Group 2 - Management is satisfied with the group's balance sheet, generating €1 billion in free cash flow annually and planning to maintain a 50% dividend payout ratio [1] - Due to adverse currency effects, Macquarie has lowered its net profit forecasts for the group for 2025-2027 by 1.5%, 1.3%, and 1.3% respectively [1] - The target price has been reduced from HKD 60 to HKD 59 based on an unchanged 20x price-to-earnings ratio for 2025, with a rating of "outperform" [1]

Group 1 - The core viewpoint of the report is that Macquarie expects Prada's retail sales to grow by 7% year-on-year in the fourth quarter when calculated at constant exchange rates, while sales and group revenue are projected to increase by 0.2% and 0.9% respectively when calculated at reported exchange rates [1] - Concerns regarding the slowdown in growth for the Miu Miu brand are considered excessive, as the brand has achieved approximately 150% growth over the past two years [1] - The management is satisfied with the group's balance sheet, noting that it generates €1 billion in free cash flow annually and plans to maintain a 50% dividend payout ratio [1] Group 2 - After accounting for foreign exchange headwinds, Macquarie has adjusted its net profit forecasts for the group downwards by 1.5%, 1.3%, and 1.3% for the years 2025 to 2027 [1] - Based on an unchanged 20 times price-to-earnings ratio for 2025, the target price has been reduced from HKD 60 to HKD 59, while maintaining an "outperform" rating [1]

Group 1 - Prada (01913.HK) experienced a decline of over 5% in early trading, with a current drop of 4.8%, trading at HKD 44.84 [2] - The trading volume reached HKD 13.08 million [2]

Core Viewpoint - Prada's stock has seen a decline of over 5%, currently trading at 44.84 HKD, with a trading volume of 13.08 million HKD, as analysts express concerns about the brand's ability to maintain growth amidst a new wave of creativity in the luxury fashion sector [1] Group 1: Brand Performance - Morgan Stanley reports that while the Prada brand remains robust, the growth rate of the Miu Miu brand is expected to slow significantly, with a projected year-on-year growth of only 17% in Q4, down from 29% in Q3 and 49% in the first half of the year [1] - Citigroup forecasts that Prada's sales for Q4 FY2025 will see a year-on-year increase of 6% at constant exchange rates, but a reported decline of 1% to 1.59 billion EUR [1] - Retail sales by brand are expected to remain flat for Prada (with a 1% decline in Q3) and a 20% year-on-year growth for Miu Miu (down from 29% growth in Q3) [1] Group 2: Financial Projections - The EBIT for the second half of the year is projected to decline by 3% to 685 million EUR, with the EBIT margin expected to narrow by 100 basis points to 23.4% year-on-year [1]

Group 1 - Prada's stock dropped over 5% in early trading, currently down 4.8% at HKD 44.84 with a trading volume of HKD 13.08 million [1] - Morgan Stanley's report indicates that while the Prada brand remains strong, the growth rate of the Miu Miu brand is expected to slow significantly, with a projected year-on-year growth of only 17% in Q4, compared to 29% in Q3 and 49% in the first half of the year [1] - Citigroup forecasts that Prada's sales for Q4 FY2025 will see a year-on-year increase of 6% at constant exchange rates, but a reported decline of 1% to EUR 1.59 billion; retail sales by brand are expected to remain flat for Prada (down 1% in Q3) and a 20% increase for Miu Miu (compared to 29% growth in Q3) [1] Group 2 - The EBIT for the second half is expected to decline by 3% to EUR 685 million, with the EBIT margin narrowing by 100 basis points year-on-year to 23.4% [1]