Italian luxury fashion group Prada has reported double-digit sales growth for the first quarter, as a strong uplift in the Americas more than offset a steep drop in the Middle East.

Net revenues for the quarter ended March 31 soared 14 per cent on a reported basis and 6 per cent on a constant currency basis to €1.428 billion ($1.67 billion). Organic sales grew 3 per cent.

The Americas led the increase with sales jumping 34 per cent in constant currency, supported by strong local demand. Asia Pacific sales grew 13 per cent, Europe was up 2 per cent, and Japan up 1 per cent.

Meanwhile, the conflict in the Middle East weighed on both domestic and tourist spending, as sales in the region were down 22 per cent over the quarter.  

Prada brand sales were up slightly by 0.4 per cent supported by further improvements in the Americas and Asia Pacific, notably Mainland China, Hong Kong and Macau among others. 

Miu Miu rose 2.4 per cent despite greater headwinds from the conflict in the Middle East. Versace performed in line with expectations after the acquisition, benefitting from the progressive repositioning towards full price sales.

“We are navigating a highly complex environment, marked by persistent uncertainty and rapidly evolving geopolitical dynamics,” said Patrizio Bertelli, chairman and executive director.  

“Against this backdrop, we continue to centre our brands’ performance on consistent and authentic creativity while aiming to constantly improve agility and flexibility across the organisation; our own manufacturing capabilities are a key asset in this regard.”

CEO Andrea Guerra said that the integration of Versace is progressing well.

“Our strategy, solid and well-structured on the higher end of the product range on one side, and in attracting new clients on the other, will be crucial in the coming months,” he added.