Prada Group has reported a remarkable 93% increase in Miu Miu’s retail sales during the first half of the year, a significant achievement given the luxury sector’s current struggles. Vogue Business delves into the factors behind Miu Miu’s impressive growth.
Despite not being classified as a megabrand, Miu Miu is on track to reach €1 billion in annual sales, having already reported €530 million in the first half of the year. This robust growth stands out in today’s challenging market. So, what drives Miu Miu’s success?
In times of uncertainty, many brands opt for safer strategies, but Miu Miu takes a different approach. Its formula combines a quirky, edgy aesthetic with playful styling, bold marketing, and a savvy celebrity strategy.
“Today, the strength of Miu Miu is obviously the brand, the silhouette, the look,” Prada Group CEO Andrea Guerra said during the company’s first-half earnings call on July 30. Lorenzo Bertelli, Prada Group’s chief marketing officer and head of corporate social responsibility, highlighted the brand’s “highly successful fashion shows, impactful collaborations (notably with New Balance and sister brand Church’s on footwear), and engaging worldwide events.”
Bertelli also pointed to the positive reception of the 2024 leather goods campaign starring Gigi Hadid, which supported the Acadie and Wander handbags, and the successful response to the Endless Summer and L’Été campaigns featuring Cailee Spaeny with Emma Corrin and Amelia Gray with Emma Chamberlain, respectively. Additionally, the launch of Miu Miu’s first literary club, ‘Writing Life,’ a two-day event, and the introduction of Miu Miu ‘Summer Reads’ pop-ups were noted as significant contributors to the brand’s momentum.
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