For the first nine months of the year, sales were up 17% on the same period last year. The luxury goods sector has stumbled in recent months, but not Prada, which for the time being seems to be flying high in this difficult economic climate.

The group is benefiting from the new creative momentum being injected by Miuccia Prada and Raf Simons in 2021, as well as the revitalization of its flagship brand Miu Miu. All the Group's geographies recorded double-digit growth, with the exception of the United States.

At operational level, it has regained control of its distribution and now sells nine-tenths of its sales through its own network of stores. Margins are clearly expanding, and cash generation has improved spectacularly over the past two years.

Prada and Miu Miu are a big hit in Europe, and even more so in Japan, which nonetheless accounts for only 11% of consolidated sales. China accounts for a third of sales. Listed on the Hong Kong stock exchange, the group announced last year that it also intended to list on the Milan stock exchange.

Earlier this year, the excellent Andra Guerra took over as CEO. We couldn't have hoped for a better mentor for heir Lorenzo Bertelli. A LVMH defector, Andrea Guerra was previously CEO of Luxoticca between 2004 and 2014, where he left a lasting impression.

Prada is valued at three times sales, like Kering. However, in addition to its listing in Hong Kong, its capital is much more closely guarded, as the Bertelli family still controls four-fifths of the company.

A listing in Milan coupled with a capital raising in Europe would undoubtedly act as a "catalyst" event, provided, of course, that circumstances are favorable - and that the luxury sector recovers some of its colors.