Guerra described Prada’s performance as “resilient, with a twist,” reporting a negative sign in the second part of the second quarter and a “slow, continuous and steady improvement” in the initial part of the third quarter, “not helped by traffic. I would say that traffic is normalizing, leveling off, but we are really reaping benefits from all the work done on retail activities, brands, products, together with our people in the stores across the world.”By brand, at constant exchange rates, Prada ’s retail ...

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].