Miu Miu exploded in recognition within the first quarter (Q1) of 2024, with retail gross sales surging a large 89% year-over-year, in response to the Prada Group.
The luxurious 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 progress 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 style. Launched in 1993 by Miuccia Prada, it’s a sister model to Prada, the famend Italian style home.
Lyst Index’s first quarterly report of 2024 has revealed that the model noticed a staggering 57% year-on-year enhance 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 celebrated ‘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 style for years to come back.
Other than that, the model has different merchandise within the high 10 as properly: 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 record. Consequently, demand for the model has surged by a formidable 284% within the final three months.
Components Behind Miu Miu’s Outstanding Rise in Asian Markets
Following its recognition because the world’s hottest style model within the newest Lyst Index, Miu Miu solidifies its presence within the luxurious market, notably in Asia, with its hovering recognition.
The model’s advertising and marketing technique hinges on a community of high-profile celeb 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 affect of Ok-pop by way of its collaboration with Momo Hirai, a Japanese member of the woman group Twice, who boasts 14.65 million Instagram followers.
In addition to recruiting woman group (G)I-dle’s member Nicha Yontararak from Thailand, higher often called Minnie, and woman group IVE’s member Wonyoung Jang, who’s of Chinese language descent.
On high of that, China’s social media shouldn’t be resistant to Miu Miu’s appeal. 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 through 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, similar to Blackpink members Lisa, Jisoo, and Rosé in mentions, as reported by wwd.com.
By capitalising on their celeb ambassadors’ recognition 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 progress in Asia.
Miu Miu’s reign as a worldwide style powerhouse is simple. With unwavering demand and strategic growth, Miu Miu is able to conquer the ever-changing style panorama.
