Recently, the Italian luxury group Prada released its financial results for the fiscal year ending December 2024. The group's revenue increased by 17% year-on-year at constant exchange rates, reaching EUR 5.432 billion, surpassing analysts' expectations of EUR 5.37 billion. This marks the fourth consecutive year of double-digit growth, outpacing the increases of Hermès, LVMH, and Kering. Miu Miu has become the growth engine for the group, with retail sales soaring by 93.2% year-on-year to EUR 1.228 billion (approximately 9.5 billion yuan), making it the first time the brand has entered the "billion-euro club." Its contribution rate jumped from 12% in 2021 to 23%. Founded in 1992 as a secondary line for Prada, Miu Miu has attracted a large consumer base with its youthful and playful style. Although its prices are on par with Prada (with ready-to-wear and handbag prices exceeding 10,000yuan and footwear price over 5,000yuan), its designs are more feminine and bold, often referred to as the "rich girl style." Since 2021, Miu Miu has experienced explosive growth, with young people seemingly falling in love with the brand overnight. The recent trend of Balletcore, which embraces ballet aesthetics, was pioneered by Miu Miu. In 2024, Miu Miu's quarterly retail sales growth reached 89%, 95%, 105.4%, and 84.2%, respectively. The Prada Group stated that it completed approximately 90 renovation and reset projects during the year, opening 38 new stores and closing 35, resulting in a total of 609 directly operated stores by the end of the year.
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