BusinessDec 5, 2024
Prada-Owned Miu Miu Sparkles While Luxury Market Dims
Retail Performance
Daniel Schoester
While a softening market jeopardizes high fashion, Miu Miu is having its “it girl” moment. The rebellious sister brand of Prada achieved a stunning 105% sales boom in Q3, while competitors face stumbling sales. This remarkable performance has helped push parent company Prada’s revenues up 18%, reaching €3.8B ($4B) in the first nine months of 2024.
- Founded in 1992 by OG Prada’s granddaughter, Miuccia Prada, Miu Miu’s “sense of experimentation and risk-taking really sets [it] apart,” says a Bank of America analyst.
- The brand’s daring product lineup, featuring €4.3K ($4.5K) sequined knickers and controversial miniskirts, has outshone the “understated luxury” approach championed by LVMH and Gucci-owner Kering, whose stocks have plummeted 15% and 43% YTD, respectively.
What’s behind the magic: After hiring Raf Simons as Prada’s co-creative director, Miuccia Prada shifted her focus to Miu Miu, repositioning it from a youth brand to one for the “young in spirit.” The brand’s viral moments, like a 70-year-old Chinese doctor walking the runway in Paris, have helped it dominate China’s challenging market — showing once again that attention is the new currency.
