Why Everyone Loves Miu Miu
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- Опубликовано: 8 сен 2024
- Miu Miu’s boom continued in the first quarter, with retail sales rising 89 percent, owner Prada Group said Wednesday. Its flagship Prada brand grew more slowly, with retail sales up 7 percent. Overall, Prada Group net revenues for the first quarter rose 16 percent year-on-year to €1.19 billion ($1.27 billion).
After years of stagnation, Miu Miu has been red hot since 2021, when designer and controlling shareholder Miuccia Prada began to leverage provocative, social-media-friendly runway styling to market a revamped lineup of easy-to-wear products.
The brand’s viral micro-skirt has been followed up by wardrobe staples that put a contemporary spin on relatable references like preppy, collegiate dress or retro office wear, driving surging sales to a new generation of customers. CEO Andrea Guerra saluted Miuccia Prada’s “unbelievable creativity and progressive attitude.”
The brand has successfully relaunched its handbag program as well, shining a fresh spotlight on its flagship matelassé styles as well as a new range of geometric mini-bags.
Miu Miu’s 89 percent jump is particularly remarkable as it comes atop 58 percent growth last year, and in a market that has slowed dramatically for most players. Sector leader LVMH reported first-quarter sales up 2 percent in its fashion and leather division, while rival Kering’s revenues fell 10 percent.
The Prada brand’s 7 percent retail growth shows it has remained more resilient than rivals despite a market in which consumers seem to have grown weary of logo-heavy merchandising and are showing increased resistance to price hikes. Those are both strategies Prada has leaned heavily into in recent years: a triangle-logoed bucket hat from the brand is now priced $695, compared to $340 in 2019. But it appears that enough customers are still willing to splurge.
In a presentation to analysts and investors Wednesday, Prada Group management said its brands would continue to outperform rivals. Sales so far in April grew at roughly the same rate as the first-quarter, chief financial officer Andrea Bonini said.
Trends supporting growth this year include the return of Chinese clients, who are travelling abroad in significant numbers for the first time since the pandemic. They have particularly boosted sales in Japan, where a weaker yen has attracted deal-hunters, as well as in Western Europe (though sales to Chinese travellers there are still down by 20 to 30 percent on pre-Covid levels). The United States has been more sluggish, but “could be a positive surprise” later in the year, chief executive Andrea Guerra said.
“It’s a different market now than it was the past few years, but we have an opportunity to continue to grow and achieve results above [competitors],” Guerra said. “Our brands are in a positive momentum, and all of the projects we’ve been talking about the last two or three years are progressing.”
Prada has clawed back its exposure to wholesale - helping to drive full-price sales in its own stores - as well as investing in marketing, technology and supply chain. A plan to expand and relocate stores in some fashion capitals is progressing, though unlikely to bear fruit before next year. Store count and retail square footage will be roughly stable this year, but is set to grow by around 15 percent in 2025.
Additional retail space for Miu Miu will be key to solidifying the label’s newfound scale and avoiding an abrupt end to its expansion. Management hopes to transition from the current fashion-driven boom to a more established position in the luxury market.
“To imagine we would continue to grow at this kind of rhythm is unrealistic. But on the other side, to achieve a proper position [for Miu Miu] in the industry is a proper objective,” Guerra said. “We are trying to make the growth structural, to grow solidly across product categories and nationalities, and also to allow Miu Miu to have the proper space.”
The group said it still plans to add a second listing on the Milan bourse eventually, “but this is not a priority at the moment,” according to CFO Bonini.
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THANK YOU for speaking on how "made in china" does not mean chinese factories are automatically inferior. It's not that Chinese people are just innately "poor quality" or "less talented," it's the fact that the companies are CHOOSING cheaper quality and costs.
The youth really supports brands like Miu Miu, Diesel, Golden Goose and Jacquemus naturally.
The youth and their parents money.
@@monsieurgolem3392 Or youth and their credit cards.
Really? The only ones I notice being bought out of that list is Diesel and Golden Goose
@@Kaio.Viegas golden goose sneakers are hard to walk on as hell.
@@monsieurgolem3392 don’t doubt it
I think something people rarely talk about is that Miu Miu has very openly embraced different genders, some older models, etc. they usually have a really keen eye on WHO is cool. They’ve had men in their show, trans and nonbinary people, and simply celebs, which makes more people feel seen
I don’t think any of that stuff translates to sales at all.
@@Kaio.Viegas not necessarily, but it does have some relation to being a more hyped brand. Even with many of their shoes, their sizing goes way further up so people with bigger feet can purchase. It’s more of a natural inclusive feeling compared to many other brands these days
Your explanation on product sourcing/manufacturing, scale, and quality is the best summary of the "problem" with sourcing from China. I'm not Chinese or Chinese-American, but I never like the slightly xenophobic rhetoric I heard from people complaing about "Made in China", but never holding the company in Europe or America accountable for excessive cost-cutting under the same breath.
I see this in a lot of dropship companies I've worked for that manufacture apparel or textiles goods from China or India. Basically, it's all about how cheap the company wants to source materials, manufacture the good, and ship the goods overseas to get it into warehouses, retail stores, or Amazon Distribution Centers. The company will inflate the cost and retail price in the cost sheet submitted to the marketplaces or create promos and coupons in order to make profit or move inventory each quarter.
Douyin models have sent Miu Miu to stratospheric levels of popularity, especially with western teenage girls who can't afford it but love to give likes, follows and CTR.
My only prayer is that Miu Miu never starts a menswear collection.
I think this exponential success is due to its genius marketing strategy and choice brand ambassadors - YOONA from SNSD, Jan Wonyoung from IVE, Minnie from G-IDLE are reputable on SETTING TRENDS and loyal fanbase
They have definitely tapped in to Pinterest because the looks are parallel to outfit ideas I have seen on there.
My first thought 😆
Also about the menswear, I asked one of their SAs and he said that every season they a range of items that are labeled as unisex, but run as men’s sizing
Definitely seeing some derivatives of Martine Rose Spring 2018 in the latest Miu Miu collections.
Among many other things I see a feminist in Miuccia and that permeates from the days of silly critics talking about her prints as ugly… her references are amazing, great patterns and always something in her own way. It is like 70s bourgeoisie with a silent rebel touch.
Miu Miu has done well to remain "cool" for decade now, it's quite remarkable. I remember their ads from the 90s and early 2000s being very underground. I was personally obsessed in the mid to late 2000s as a kid.
Wonyoung of kpop girl group IVE wearing Miu Miu has probably helped too.
They have Lexie liu as well, which based on how excited my Chinese friends have become when I’ve mentioned her I think she’s a strong ambassador
As an American, I feel I see more Miu Miu everywhere and I am impressed… especially, during our “recession!”
That blue dress is very beautiful it reads 90s sleek elegance and chiqueness to me
I really appreciate your commentary, especially on stigma around manufacturing in China and the real economic reasons for the bad rep. The argument that Chinese factories are the issue disintegrates (much like those pants you mentioned) as soon as we compare cheap goods to some really expensive stuff on the market and realise the difference is sometimes in the wrong direction. Why is it acceptable for Western brands to produce in China, but villified when Chinese brands produce in China?? Anyways, thank you for your insights in this vid.
Miu Miu already tried launching a menswear collection years ago and it didn't work!
it was decades not years, it would be popular now for sure
I've never been into the hoopla of Miu Miu. But, to each his own.
Greetings from Los Angeles
Miu Miu should bring back the menswear line!!
Yes lotta is the stylist for miumiu. I’m just wondering how she translated her experience from demna to miumiu. It’s not apocalyptic, but there’s something disshelved about her styling that’s quite attractive
I have Prada and Miu Miu items from 20 years ago that I still wear today. Sadly I no longer have a teenage physique but I can still wear larger vintage Miu Miu pieces. (Sample sizing back then was much tinier than it is today.)
Love your videos and commentary
Thanks for the feedback I will definitely bear this in mind!
The people who know fashion and people who make up a majority of the sales in the U.S, are extremely different
to your first point on disconnect between western mags showing miu miu, but not chinese. could this be observation bias? I dont imagine you read chinese magazines as much as western
I read some Chinese based publications just because of how important China is as a market in fashion but I also agree with your point. I definitely see more western based media
Probably most Chinese buyers are English literate, and therefore "in the know."
Miu Miu doesn’t need to create a full men’s line. waste of fabrics when they could just shop what’s already there
When company become big,
they start to become greedy and Lazy
Recently Their product are just very overpriced Basic and their campaigns are just beyond Lazy,
just put models in front of a white background and call it "campaign" Zero creativity, Zero fantasy, Zero imagination
Miu Miu Used To be fun back then with creatively & exciting product/campaigns , Now are just beyond Boring.
i miss their fun ads
It's the old Prada
cutting sleeves to improve margins is outta pocket
The market in China is also because of Wonyoung from IVE.
I genuinely don’t understand the hype for modern day Miu Miu, especially the oversized pieces. The clothes are just so boring to look at.
✨🧁