Miu Miu's revenues can't stop growing

While the demand for luxury goods is plummeting, with groups like LVMH and Kering continuing to record revenue declines, in Italy the Prada Group is doing very well. Yesterday, the company shared the first half results of the Miu Miu brand, which recorded almost a total doubling of sales. With a stunning increase of 93% compared to the first six months of 2023, the brand is once again establishing itself as one of the leading names in the luxury fashion scene. Meanwhile, Prada's retail sales increased by 6%, reporting a slight slowdown compared to the beginning of the year. With these results, the Prada Group can consider itself safe from the luxury crisis: the company reported an increase in net revenues of 17% to 2.55 billion euros.

Identifying what makes Miu Miu a strong brand is simple. As previously stated in an article regarding the importance of "brand stability", a quality that is helping maisons like Hermès and Zegna, there are two values a fashion brand must never give up if it wants to keep its customers: quality and stability (media, artistic, directive). In Miu Miu, these two factors are well established, forming solid foundations for the brand, and allowing the creative side to let loose without straying too far from its roots. By choosing popular and young faces like Emma Corrin, Troye Sivan, Gigi Hadid, and Sydney Sweeney, but also talents that can be called "more intellectual," like Mia Goth, Kristin Scott-Thomas, Angela Molina, and Ethel Cain, Miu Miu takes a less-traveled path that fulfills the desires of Gen Z and lovers of literature, art, cinema, and thus also a cerebral fashion. The same could be said of Loewe, which alongside Miu Miu continually wins the title of the hottest brand of the moment according to the Lyst ranking.

Perhaps Miu Miu's true strength is that the brand doesn't need major revolutions to remain relevant. Since the brand's first collections, in the '90s, Prada's second line has always stood out for its attention to new generations, but above all to their interests. It doesn't just re-produce trends and images following what already attracts likes and shares, but seeks to find new trajectories, with familiar faces but unexpected artistic directions, with established but also emerging artists. If already in its early years the Miu Miu campaigns bore the signature of brilliant (and current, which is the most important thing) creatives like Eli Wakamatsu, Nancy Rohde, David James, and Horst Diekgerdes, today it does the same with Miranda July, the stylist Lotta Volkova, Sam Levy, Isabel Sandoval, and Meriem Bennani: and it is precisely in this continuous renewal that its "brand stability" lies. Because even if the products can sell themselves, it's the narrative magic you build around them that makes the difference.