Miu Miu’s increase continued within the first quarter, with retail gross sales rising 89 %, Prada Group, which owns the label, mentioned Wednesday. Its flagship Prada model grew extra slowly, with retail gross sales up 7 %. Total, Prada Group web revenues for the primary quarter rose 16 % year-on-year to €1.19 billion ($1.27 billion).
After years of stagnation, Miu Miu has been crimson scorching since 2021, when designer and controlling shareholder Miuccia Prada started to leverage provocative, social-media-friendly runway styling to market a revamped menu of easy-to-wear merchandise.
The model’s viral micro-skirt pattern has been adopted up by wardrobe staples that put a up to date spin on relatable references like preppy, collegiate gown or retro workplace put on, driving surging gross sales to a brand new technology of shoppers.
The model has efficiently relaunched its purse program as nicely, shining a contemporary highlight on its flagship matelassé types in addition to a brand new vary of geometric mini-bags.
Miu Miu’s 89 % soar is especially outstanding because it comes atop 58 % development final yr, and in a market that has slowed dramatically for many gamers. Sector chief LVMH reported first-quarter gross sales up 2 % in its trend and leather-based division, whereas rival Kering’s revenues fell 10 %.
The Prada model’s 7 % retail development exhibits it has remained extra resilient than rivals regardless of slowing curiosity from customers for logo-heavy merchandising and elevated resistance to industry-wide worth hikes. These are each methods the model has leaned into closely in recent times: a triangle-logo bucket hat from Prada is now priced $695, in comparison with $340 in 2019. However it seems that sufficient clients are nonetheless prepared to splurge.
In a name with administration Wednesday afternoon, analysts will certainly search clues as to what’s driving the expansion hole between Prada Group and rivals, and the way lengthy the increase is more likely to proceed.
Keep tuned to BoF for updates to this growing story.
