Prada’s third-quarter revenue rose 18%, Miu Miu’s sales doubled, according to Reuters

MILAN (Reuters) – Prada’s (OTC: ) third-quarter revenue rose 17.7% at constant exchange rates, driven by double-digit sales growth in Asia and Europe and a doubling in sales of Miu Miu’s Italian sub-brand. said the luxury group on Wednesday.

Sales in the Asia Pacific region, which is under scrutiny as investors worry about waning Chinese demand for luxury goods, rose 12% in the third quarter despite a tougher environment.

CEO Andrea Guerra spoke cautiously about prospects in China despite strong regional sales.

“China is very complex today and it’s not improving any time soon,” he told analysts on a post-results conference call.

Main brand Prada reported a 1.7% increase in retail sales in the three-month period, which was slower than the previous quarter.

“Of course, China has been the best,” Guerra said.

Sales growth at Miu Miu has exceeded the group’s expectations, Prada’s CEO told analysts, and the brand now accounts for a quarter of the group’s total sales.

Miu Miu CEO Benedetta Petruzzo left the label in September to join Christian Dior Couture. It is expected that a new CEO will be appointed in one to three months.

“We continued the year with another quarter of high-quality, like-for-like growth, supporting our positive trajectory in revenue and earnings,” Prada’s CEO said in the results statement. Revenue for the nine months reached 3.8 billion euros.

The luxury sector is struggling.

Earlier this month Kering (EPA:) reported a 16% organic revenue decline and luxury bellwether LVMH missed expectations, signaling a decline in Chinese consumer confidence.

Some have blamed rising prices for the drop in demand for luxury goods. Prada’s chief executive explained that the group is considering raising the prices of some of its products.

“I think we are in a good position in terms of entry prices, but we still have a lot of room (to go) to increase the price level,” he said.