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Miu Miu exploded in popularity in the first quarter (Q1) of 2024, with retail sales surging a massive 89% year-over-year, according to the Prada Group.
The luxury conglomerate, which owns Prada, Miu Miu and Church’s, released its revenue update for the first quarter of 2024 to investors last Tuesday.
The Prada Group reported a solid financial performance for the period, with total net revenue rising 16% year-over-year to €1.19 billion ($1.27 billion).
Notably, Miu Miu emerged as the star performer, boasting a whopping 89% surge in retail sales. Moreover, the Prada brand itself also showed healthy growth of 7% year-over-year.
Miu Miu is the World’s Hottest Fashion Brand
Miu Miu is a high-fashion brand for women known for its playful and youthful take on luxury fashion. Launched in 1993 by Miuccia Prada, it’s a sister brand to Prada, the renowned Italian fashion house.
Lyst Index’s first quarterly report of 2024 has revealed that the brand saw a staggering 57% year-on-year increase in online searches, propelling them to the coveted number one spot.
This surge was not just hype; three of their signature preppy pieces landed on the prestigious ‘Hottest Products List’ for Q1, a first for the Lyst Index, as reported by Hypebeast.
The brand’s success is fuelled by a powerful combination: celebrity-studded runways and viral collaborations.
Their deconstructed New Balance 530SL sneaker, priced at $1,120 USD, is the season’s most desired item at No.1. It solidifies their place at the forefront of fashion for years to come.
Apart from that, the brand has other products in the top 10 as well: a pair of swim briefs at No. 3 and a polo shirt at No. 7.
Predictably, pieces worn by celebrities are garnering significant attention. The embellished cut-out jeans from Area, sported by Taylor Swift at the Super Bowl, claim the 9th spot on the list. Consequently, demand for the brand has surged by an impressive 284% in the last three months.
Factors Behind Miu Miu’s Remarkable Rise in Asian Markets
Following its recognition as the world’s hottest fashion brand in the latest Lyst Index, Miu Miu solidifies its presence in the luxury market, particularly in Asia, with its soaring popularity.
The brand’s marketing strategy hinges on a network of high-profile celebrity ambassadors in Asia strategically chosen for their influence across China, Japan, South Korea, and Southeast Asia.
At the heart of its influence lies South Korea, where the brand leverages the worldwide impact of K-pop through its collaboration with Momo Hirai, a Japanese member of the girl group Twice, who boasts 14.65 million Instagram followers.
As well as recruiting girl group (G)I-dle’s member Nicha Yontararak from Thailand, better known as Minnie, and girl group IVE’s member Wonyoung Jang, who is of Chinese descent.
On top of that, China’s social media is not immune to Miu Miu’s charm. The brand has grown rapidly on platforms like Xiaohongshu and WeChat, fuelled by user-generated content.
Remarkably, a video showcasing Wonyoung Jang’s dance moves shared on Douyin via IVE’s official account has gained significant traction.
On China’s renowned social commerce platform Xiaohongshu, Jang’s name has been referenced over 3 billion times. It even surpasses other high-profile artists, such as Blackpink members Lisa, Jisoo, and Rosé in mentions, as reported by wwd.com.
By capitalising on their celebrity ambassadors’ popularity in Asia, Miu Miu has effectively unlocked a new wave of loyal customers in the region.
Cementing its Legacy: Miu Miu’s Ascendancy in the Global Luxury Landscape
Despite a slowdown in the luxury sector, Prada’s robust performance in the first quarter was fuelled by surging demand for its high-fashion brand Miu Miu and sustained growth in Asia.
Miu Miu’s reign as a global fashion powerhouse is undeniable. With unwavering demand and strategic expansion, Miu Miu is ready to conquer the ever-changing fashion landscape.
