Prada Group first-quarter sales up 12.5 pct in 'uncertain landscape'

Milan, Italy: Luxury Italian fashion group Prada, which recently acquired its smaller rival Versace, reported Wednesday a 12.5 percent increase in sal...

Milan, Italy: Luxury Italian fashion group Prada, which recently acquired its smaller rival Versace, reported Wednesday a 12.5 percent increase in sales in the first quarter, with strong performances in all markets.

The group's revenue reached 1.34 billion euros ($1.52 billion), according to a press release.

Prada group Chairman and Executive Director Patrizio Bertelli welcomed the "solid performance" in "an increasingly turbulent and uncertain landscape".

The slowdown in luxury goods consumption worldwide, particularly in China, is affecting almost all of Prada's competitors, which have recorded drops in sales and profits.

In fact, sales of the Prada brand, which represents more than two-thirds of the group's total revenue, declined slightly, by 0.2 percent in the first three months of the year.