While the rest of the luxury fashion industry seems to be slowing down, Miu Miu was one brand that has not gone out of style.
The Prada-owned brand recorded sales of 530 million euros, around $573 million, in the first half of 2024 — a 93% jump from the same period last year.
Miu Miu made up 23% of Prada Group’s total revenue. Overall, the company’s net revenue increased 18%, to 2.26 billion euros, during the first half of the year.
Founded in 1992, Miu Miu has captured a younger demographic, unlike many luxury brands that target older aspirational or high-net-worth customers.
The brand is known for its ability to “intercept young consumers online, through more effective use of influencers and social media,” Luca Solca, an analyst at Bernstein, told Vogue Business in April.
In 2023, it was named the top fashion brand of the year by Lyst, an index that tracks social media searches for brands and products. The brand popularized fashion trends such as underwear-styled pants. Celebrities like pop-rock princess Olivia Rodrigo sported Miu Miu at the 2023 Grammy Awards.
Amy Sussman / Getty Images
Actress Sydney Sweeney wore a custom Miu Miu gown at this year’s Met Gala in May, while Bridgerton star Florence Hunt donned the brand for the show’s third season London premier in June.
Kevin Mazur/Karwai Tang/Getty Images
While Miu Miu is a hit with young American and British celebrities, “the star of the show is the APAC region,” Tariro Makoni, a fashion commentator, told Vogue Business. Young K-Pop stars such as Jang Won-young serve as brand ambassadors.
Dominique Charriau/Getty Images
The region has been a significant driver for the brand’s growth this year. Although Prada Group does not break down regional sales for Miu Miu specifically, the company overall had a substantial boost in sales from Asia Pacific and Japan, rising by 12% and 55%, respectively, during the first half of the year, compared to the same period in 2023.
Aside from Hèrmes, many luxury fashion brands had suffered a major slump in Chinese markets. Giants in the industry, including bellwether LVMH, reported double-digit revenue declines for recent months.
Prada Group did not break out revenue for China specifically but said that “China has become a little bit more complicated,” said chief executive officer Andrea Guerra on the company’s Tuesday earnings webcast.
Source link
lol
