What’s the secret sauce behind Miu Miu’s APAC success?

Miu Miu is on a roll. The Prada Group-owned, youthful sister brand has been enjoying peak popularity recently — a winning streak that’s set to continue into the second quarter of 2024. Last week, the label reclaimed its title as “the hottest brand in the world” according to Lyst’s Q1 Index, an accolade it has now achieved several times. In China, the brand also climbed up Weibo’s Hot Search List. On Xiaohongshu, Miu Miu has amassed over 400,000 instances of user-generated content (UGC), while the hashtag Miu Miu Girls Camp, where users share their Miu Miu outfits, has over 100 million views. It isn’t just cultural clout that Miu Miu is earning — profit is skyrocketing, too. Miu Miu reported stellar growth for the first quarter of 2024, with revenues up by 89 percent year on year, versus revenue growth of 58 percent in 2023. The brand now makes up over a quarter of Prada Group’s revenue. The buzzy label has also hit a sweet spot in APAC. Prada Group cited Miu Miu’s strong growth trajectory across China, Japan, and South Korea as key drivers behind the group’s profits. In 2023, sales in Asia-Pacific rose 24 percent YoY. What’s the secret sauce behind Miu Miu’s Asia success? Tapping the ‘intellectual’ KOL To create its “Miu Miu girl” sensation, the label meticulously selected its brand faces across Asia. “They don’t just have pretty faces, but also represent the brand ethos of a younger, more rebellious version of the intellectual persona the group aims to project,” Europe-based China luxury marketing expert Vanessa Wu tells Jing Daily. With luxury catching on to the KOL craze, Miu Miu has outpaced competitors in forming close ties with China’s leading ladies, such as Rocket Girls 101 member Yang Chaoyue, actresses Liu Haocun and Zhao Jin Mai, and female rapper Lexie Liu. The A-listers appeal to locals’ “youthful sweet girl” aesthetic and China’s “noble lady” trend, driving Gen Z shoppers to imitate their looks. The label also expanded its horizons by snapping up Thai and K-pop stars, including K-pop idols Jang Won Young and Minnie (Nicha Yontarak). Winning at localization Uber-localized efforts are also bolstering Miu Miu’s presence across China. In March, the brand unveiled the next chapter of its Women’s Tales — its short film anthology series that launched in 2011 — in Shanghai. Directed by Malaysian filmmaker Chui Mui Tan, the feature premiered at Yongfu C52 (formerly Shanghai Film Studio) to a glittering guest list, including Jean Seizure, Zhao Jinmai, and Zhang Yuhao. Hosting its Women’s Tales event in the mainland has become commonplace. In November 2022, the brand commissioned two films to be screened at Chengdu’s Shaanxi Assembly Hall, which were also livestreamed via Miu Miu’s WeChat channel. In May 2023, the initiative aired its 25th film in Zhejiang province’s scenic town of Wuzhen. Thomas Piachaud, head of strategy at China-based luxury data platform Re-Hub, describes Miu Miu as a “brand that’s winning the localization game.” “Many [brands] falter from lackluster and inauthentic localization attempts or, in some cases, [they] don’t even try, creating a sense of distance and arrogance,” he says. “To truly resonate with audiences in Asia, you must bring the brand closer to the consumer.” Alongside local events, Miu Miu has also been cementing its presence on domestic e-commerce giants. According to Re-Hub’s Compass Index, the label’s flagship store — which launched in March 2020 — is the only luxury brand flagship on Tmall that has seen growth each month versus the previous year for every month since 2022 (with the exception of January 2023). Made for all ages The brand’s trendy, internet-friendly collections have found particular fame among Gen Z — both globally and in Asia. But after initially relying heavily on the spending power of younger shoppers, a recent strategy pivot is diversifying that consumer base. “[The brand] offers unique pieces that help consumers to express their individuality,” Piachaud says. “While this trend is undoubtedly strong with China’s Gen Z, it’s also rising across generations.” For its Women’s Tales event last year, the brand tapped 85-year-old actress Wu Yanshu to front the campaign while, for the AW24 runway, its decision to cast 70-year-old Chinese doctor-slash-style influencer Qin Huilan as a model was positively received by Chinese netizens. “I truly feel that @Miu Miu is at the forefront, not pursuing whiteness and slimness, but instead showcasing 70-year-old [Dr. Qin] from Guangxi!” wrote Xiaohongshu user @Zhao Jingjing and Her Friends (@赵晶晶和她的朋友们) following the presentation. ‘Micro-skirts,’ diamond-encrusted underwear, and other hype products Business picked up momentum in 2021, when Miu Miu’s SS22 micro-skirt sent the fashion set into a frenzy, dominating editorials, step-and-repeats, and red carpets. The skirt’s success wasn’t a fluke. Creating hype moments around its pieces is what the brand does well, says Wu. “There’s a clear product strategy that is very much reflecting what’s on trend,” she adds. Following the release of its celeb-favorite ballet flats for AW22, the hashtag #balletshoes on Xiaohongshu generated over 88 million views. Then there was the “itchy” crystal panties, which went viral on Weibo with “Miu Miu diamond panties” receiving 200 million views. KOL Tiantian (@田田阿姨) brought the pants into the spotlight after releasing a viral video mocking them, prompting netizens to ask who was buying the $5,500 (40,000 RMB) briefs. But even bad press couldn’t knock Miu Miu’s crown; the brand soon became synonymous with China’s wealthy girls. That Miu Miu craze once again hit a fever pitch earlier this week, after its sheepskin and resin $450 (3,250 RMB) hair clips garnered more than 42 million views and sold out on Tmall. Local bloggers set themselves the goal of collecting the accessory in every available color, amplifying the online hubbub. Wu believes Miu Miu’s advantage is its ability to perform well across its entire line of products. “The product appeal has gone beyond categories like ‘it’ bags and shoes. The ready to wear is also buzz-worthy,” she says. Fluke or formulated success? Miu Miu’s success is more than just a lucky streak. A strong focus on storytelling, uber-localized playbooks, and grasp on the hyper-online Gen Z is setting it apart from competitors. Wu notes that the brand has also struck the right balance between exclusivity and mass trends, helping maintain relevance among mature spenders and Gen Z consumers. The question is, can Miu Miu remain the jewel in the Prada Group crown? Re-Hub’s Piachaud thinks so. “Miu Miu still has huge growth potential, as long as the Group continues with creating a brand that resonates both globally and locally, and stays current,” he says. “[The brand] has done an excellent job at remaining relevant, even given the complicated luxury context over the past few years.”

What’s the secret sauce behind Miu Miu’s APAC success?

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Published May 02, 2024

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What’s the secret sauce behind Miu Miu’s APAC success?