Miuccia Prada, a designer known for her progressive views and bold aesthetic, has once again demonstrated her ability to reshape the fashion world. Her brand, Miu Miu, which she founded in 1992, has seen remarkable growth, despite the broader downturn in the luxury sector.
The brand recorded a 105% increase in sales in the third quarter of 2023, pushing sales at its Milan-based parent company up by 18% year-over-year. For the first nine months of the year, Prada Group’s net revenues reached €3.8 billion, a rise of 18% compared to 2023. This strong performance comes as competitors like Gucci have seen declining sales, with its parent company Kering issuing several profit warnings. In contrast, Prada’s share price has surged nearly 30% this year, outperforming brands like LVMH and Kering, which have seen declines of up to 43%.
Industry insiders credit Miuccia Prada’s visionary approach for Miu Miu’s success. Andrea Guerra, the CEO of Prada Group since 2023, attributes the brand’s growth to its distinct “point of view.” With Raf Simons now co-creative director at Prada, Miuccia has been able to focus more on Miu Miu, which has evolved from targeting younger consumers to appealing to a broader audience, particularly those “young at heart.”
Miu Miu’s designs, such as sequinned knickers priced up to €4,000 and an ultra-short miniskirt worn by Nicole Kidman on *Vanity Fair*, have challenged traditional fashion boundaries and captured the public’s imagination. Bank of America analyst Daria Nasledysheva notes that the brand’s ability to create innovative, avant-garde designs has helped it stand out in a market where many luxury labels are sticking to understated styles.
Miuccia Prada’s influence on Miu Miu is undeniable. Former Miu Miu CEO Benedetta Petruzzo described Miuccia as “the soul” of the brand. What was once seen as a younger sibling to Prada has now become one of the most in-demand brands in the luxury market. Miu Miu topped the Lyst index of most popular fashion brands for two years in a row, targeting a wider range of consumers and commanding higher prices than ever before.
Though Miu Miu’s growth has outpaced Prada’s in recent months, analysts suggest it is unlikely to surpass its parent brand in size, given its smaller base. Nevertheless, the brand has made significant inroads in the Chinese market, a region that has recently become challenging for many European luxury brands. Prada Group’s sales in Asia-Pacific (excluding Japan) grew 9% in the first nine months of 2023, with strong growth also driven by Chinese tourists in Japan.
Despite the market challenges, Prada’s designs and focus on accessories, such as the popular ballet flats and updated matelassé leather handbags, continue to resonate with customers, particularly in China. Miu Miu has also increased its presence on Chinese social media platforms, such as Little Red Book, where it engages in live streaming events to reach a broader audience.
Miu Miu’s success is not just about cutting-edge fashion but also its ability to resonate with consumers of all ages and backgrounds. In a move that went viral, Miu Miu featured 70-year-old Chinese doctor Qin Huilan walking the runway at Paris Fashion Week in March, after posting photos of herself in Miu Miu’s outfits on Instagram.
Miuccia Prada’s bold approach to fashion and her understanding of cultural contradictions are at the heart of Miu Miu’s success. As graphic designer Michael Rock puts it in *Prada* by Tommaso Ebhardt, it’s as if Miuccia Prada is telling her clients, “I know that you know that I know about all the contradictions we experience, I experience them too, I feel them too.” This authenticity and willingness to challenge the status quo are what continue to drive Miu Miu’s success in the competitive luxury market.
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