Miu Miu exploded in reputation within the first quarter (Q1) of 2024, with retail gross sales surging a large 89% year-over-year, based on the Prada Group.
The posh conglomerate, which owns Prada, Miu Miu and Church’s, launched its income replace for the primary quarter of 2024 to traders final Tuesday.
The Prada Group reported a stable monetary efficiency for the interval, with whole web income rising 16% year-over-year to €1.19 billion ($1.27 billion).
Notably, Miu Miu emerged because the star performer, boasting a whopping 89% surge in retail gross sales. Furthermore, the Prada model itself additionally confirmed wholesome development of seven% year-over-year.
Miu Miu is the World’s Hottest Style Model
Miu Miu is a high-fashion model for girls recognized for its playful and youthful tackle luxurious vogue. Launched in 1993 by Miuccia Prada, it’s a sister model to Prada, the famend Italian vogue home.
Lyst Index’s first quarterly report of 2024 has revealed that the model noticed a staggering 57% year-on-year improve in on-line searches, propelling them to the coveted primary spot.
This surge was not simply hype; three of their signature preppy items landed on the distinguished ‘Hottest Merchandise Listing’ for Q1, a primary for the Lyst Index, as reported by Hypebeast.
The model’s success is fuelled by a robust mixture: celebrity-studded runways and viral collaborations.
Their deconstructed New Steadiness 530SL sneaker, priced at $1,120 USD, is the season’s most desired merchandise at No.1. It solidifies their place on the forefront of vogue for years to return.
Other than that, the model has different merchandise within the prime 10 as effectively: a pair of swim briefs at No. 3 and a polo shirt at No. 7.
Predictably, items worn by celebrities are garnering important consideration. The embellished cut-out denims from Space, sported by Taylor Swift on the Tremendous Bowl, declare the ninth spot on the listing. Consequently, demand for the model has surged by a powerful 284% within the final three months.
Elements Behind Miu Miu’s Exceptional Rise in Asian Markets
Following its recognition because the world’s hottest vogue model within the newest Lyst Index, Miu Miu solidifies its presence within the luxurious market, notably in Asia, with its hovering reputation.
The model’s advertising technique hinges on a community of high-profile superstar ambassadors in Asia strategically chosen for his or her affect throughout China, Japan, South Korea, and Southeast Asia.
On the coronary heart of its affect lies South Korea, the place the model leverages the worldwide impression of Ok-pop by means of its collaboration with Momo Hirai, a Japanese member of the lady group Twice, who boasts 14.65 million Instagram followers.
In addition to recruiting lady group (G)I-dle’s member Nicha Yontararak from Thailand, higher often called Minnie, and lady group IVE’s member Wonyoung Jang, who’s of Chinese language descent.
On prime of that, China’s social media just isn’t resistant to Miu Miu’s allure. The model has grown quickly on platforms like Xiaohongshu and WeChat, fuelled by user-generated content material.
Remarkably, a video showcasing Wonyoung Jang’s dance strikes shared on Douyin by way of IVE’s official account has gained important traction.
On China’s famend social commerce platform Xiaohongshu, Jang’s identify has been referenced over 3 billion occasions. It even surpasses different high-profile artists, akin to Blackpink members Lisa, Jisoo, and Rosé in mentions, as reported by wwd.com.
By capitalising on their superstar ambassadors’ reputation in Asia, Miu Miu has successfully unlocked a brand new wave of loyal clients within the area.
Cementing its Legacy: Miu Miu’s Ascendancy within the International Luxurious Panorama
Regardless of a slowdown within the luxurious sector, Prada’s sturdy efficiency within the first quarter was fuelled by surging demand for its high-fashion model Miu Miu and sustained development in Asia.
Miu Miu’s reign as a worldwide vogue powerhouse is plain. With unwavering demand and strategic enlargement, Miu Miu is able to conquer the ever-changing vogue panorama.
Associated
