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 menu of easy-to-wear products.
The brand’s viral micro-skirt trend 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.
The brand has successfully relaunched its handbag program as well, shining a fresh spotlight on its iconic 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 slowing interest from consumers for logo-heavy merchandising and increased resistance to industry-wide price hikes. Those are both strategies the brand has leaned into heavily in recent years: a triangle-logo bucket hat from Prada is now priced $695, compared to $340 in 2019. But it appears that enough customers are still willing to splurge.
In a call with management Wednesday afternoon, analysts will surely seek clues as to what’s driving the growth gap between Prada Group and rivals, and how long the boom is likely to continue.
Stay tuned to BoF for updates to this developing story.
