Prada profit surges 21% as speculation swirls over Versace bid

MILAN (Reuters) - Italian luxury radical Prada connected Tuesday reported 21% maturation successful operating nett past year, successful enactment with analysts' forecasts, amid speculation astir a imaginable acquisition of smaller rival Versace.

The group, which has been defying a slowdown successful luxury request and outperforming galore of its peers, reported a 17% summation astatine changeless speech rates successful nett revenues successful 2024, reaching 5.43 cardinal euros ($5.72 billion) and matching analysts expectations, according to information from LSEG.

Revenues grew by treble figures crossed each regions, with the objection of the Americas region, which reported a 9% maturation acknowledgment to an betterment successful the 2nd fractional of the year.

The connection made nary notation of the reports of a imaginable Versace deal.

In the 4th fourth itself, retail sales, which relationship for astir of full sales, roseate 18%, acknowledgment chiefly to the smaller Miu Miu brand. Growth astatine Prada's main marque was much moderate, astir 4% year-on-year successful the period.

"Looking forward, portion being mindful that the analyzable manufacture dynamics are apt to persist, our priorities stay unchanged," said Chief Executive Andrea Guerra.

"At Prada, we person a wide accidental to proceed to thrust marketplace share, portion astatine Miu Miu we shall consolidate its success," helium added.

The radical had a nett currency presumption of 600 cardinal euros astatine the extremity of December, which could assistance to money a imaginable acquisition.

($1 = 0.9485 euros)

(Reporting by Elisa Anzolin; Editing by Keith Weir)