According to a Bloomberg report, the group’s net revenue rose 9% at constant exchange rates, narrowly missing analyst projections. The core Prada brand saw a 2% decline in sales, which the company described as the result of a “challenging” and “somewhat unprecedented” global backdrop. Meanwhile, Miu Miu, known for its strong youth appeal, posted a 49% surge in retail sales in the first half, though momentum slowed in Q2.

“The 2% decline in Prada brand sales underlines the challenges brands are encountering in sustaining demand amid a more price-sensitive and cautious consumer environment,” said Robyn Duffy, analyst at RSM UK, in a statement to Bloomberg.

Chairman Patrizio Bertelli warned that macroeconomic headwinds are unlikely to ease in the short term. The brand’s shares have dropped around 22% this year, weighed down by fragile consumer confidence and geopolitical uncertainty — including fresh tariff threats from U.S. President Donald Trump, which have rattled markets.