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Prada (not credit issuer) gives firm 1H results

CONSUMER CYCLICALS

Co has reported +18% revenue growth in 1H (held across both quarters), strongest growth in Miu Miu (+93%) (still lux but tends to be slightly lower priced and considered more trendy/younger) and growth across all regions; Japan +55% (will include inbound from China), APAC ex. Japan +12%, Europe +18%, US +7%, Middle East +20%. EBIT margin expanded +60bps to 22.6%.

Not a credit issuer but again (similar to Richemont and LVMH) demonstrates positioning brands correctly can insulate one from consumer slowdown we are seeing else where (Burberry, Kering among credit issuers). Co is ~75% exposed to single brand (Prada) and has the typical geographical split (30% APAC ex. Japan, 28% Europe, 16% US, 10% Japan).

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