Core Insights - Prada's performance is characterized as resilient, with a noted decline in retail sales in the second part of Q2, followed by steady improvement in Q3, attributed to effective retail strategies and brand management [1][2] - The company reported a 6% increase in revenues to 4.07 billion euros for the first nine months of the year, marking 19 consecutive quarters of growth [3] Financial Performance - Retail sales at constant exchange rates declined by 1.6% to 2.53 billion euros over nine months, with a slight decrease of 0.8% in Q3 [1] - Miu Miu's retail sales surged by 41% to 854 million euros, contributing 32% to total sales, compared to 25% in the same period last year [4] - Overall revenues rose by 6% to 4.07 billion euros, with a 9% increase at constant exchange rates [3] Geographic Performance - Retail sales in Asia-Pacific increased by 7% (10% at constant exchange rates) to 1.21 billion euros [7] - Europe saw a 4% increase to 1.13 billion euros, driven by domestic and tourist spending [8] - The Americas experienced an 11% growth in retail sales to 637 million euros, with a 15% increase at constant exchange rates [9] Market Trends and Consumer Behavior - Consumer spending remained stable in Q3, with a plateau observed in China, while domestic spending in Europe supported growth [8] - The company noted a shift in consumer behavior in North America, leading to strong sales performance [10] Creative and Strategic Initiatives - The company emphasized its commitment to creativity, product excellence, and craftsmanship as key drivers for long-term growth [2] - Prada is focusing on expanding its beauty segment, with recent successful launches in collaboration with L'Oréal [16][17] Future Outlook - The company anticipates that upcoming changes in the fashion industry will enhance traffic and desirability for luxury brands [14] - Price increases in 2026 will align with recent trends, with a focus on maintaining credibility in pricing strategies [19]

Core Viewpoint - Richemont reported a solid start to the fiscal year 2025, with group sales increasing by 6% at constant exchange rates, driven by strong performance in Europe, the Americas, and the Middle East & Africa, despite challenges in Japan and the Asia Pacific region [2][4][5]. Summary by Region - **Europe**: Sales increased by 11% to €1,295 million, supported by robust local demand and positive tourist spending, particularly in Italy and Germany [3][5]. - **Asia Pacific**: Sales decreased by 4% to €1,731 million, with a notable 7% decline in China, Hong Kong, and Macau, offset by growth in other Asian markets [3][5]. - **Americas**: Sales rose by 17% to €1,335 million, driven by strong local demand across all business areas [3][5]. - **Japan**: Sales fell by 15% to €527 million, impacted by a high comparative from the previous year and reduced tourist spending [3][5]. - **Middle East & Africa**: Sales increased by 17% to €524 million, led by the UAE market and higher tourist spending [3][5]. Summary by Distribution Channel - **Retail**: Sales grew by 6% to €3,734 million, accounting for 69% of group sales, with growth across all regions except Japan [3][6]. - **Online Retail**: Sales increased by 6% to €323 million, reflecting robust growth across almost all regions [3][7]. - **Wholesale and Royalty Income**: Grew by 6% to €1,355 million, driven by solid group sales performance [3][6]. Summary by Business Area - **Jewellery Maisons**: Sales rose by 11% to €3,914 million, marking a third consecutive quarter of double-digit growth [3][8]. - **Specialist Watchmakers**: Sales decreased by 7% to €824 million, primarily due to declines in China, Hong Kong, and Macau [3][8]. - **Other (Fashion & Accessories)**: Sales declined by 1% to €674 million, with notable performances from brands like Peter Millar and Alaïa [3][8]. Financial Position - The group maintained a strong net cash position of €7.4 billion as of 30 June 2025, slightly up from €7.3 billion in the previous year, after accounting for a cash-out related to the sale of YNAP [6][9].