MILAN — As Prada Group’s chief executive officer Patrizio Bertelli predicted earlier this year, the company is forging ahead with its expansion strategy for Miu Miu, which has opened its first boutique in Brazil, at the JK Iguatemi mall in São Paulo.
The group, which controls the Miu Miu brand, is aiming at further developing the label with more directly owned stores. The Italian fashion group plans to increase Miu Miu’s presence “in markets with high potential for the luxury goods industry, and in more mature markets that are still not entirely covered by [the company’s] retail network,” according to a spokesman. RELATED STORY: Miu Miu RTW Fall 2012 >>
Brazil’s “vast” potential, he said, stems not only from the increasing local demand and interest for luxury goods, but also from “the large number of tourists that the country draws every year in its most important cities.” The company is “evaluating additional opportunities to further develop the region,” and is “constantly monitoring” the brand’s marketing.
The group, he concluded, “is especially focused on high potential markets where clients have developed a growing awareness of fashion.”
In the first quarter ended April 30, Miu Miu posted 30.8 percent sales growth, totaling 107.3 million euros, or $141.6 million at average exchange. During a conference call with analysts to discuss that period’s financial results, administration and finance director Donatello Galli said the group was “well on track for the brand to reach sales of 700 million or 800 million euros [$857.3 million or $980 million at current exchange] by 2013 or 2014. Miu Miu has a lot of potential in China and other emerging markets.” RELATED STORY: São Paulo's JK Iguatemi Mall Draws Opening Crowd >>
There are now 101 directly operated Miu Miu stores.
Designed by Miu Miu’s longtime go-to architect Roberto Baciocchi, the one-story boutique in São Paulo covers 2,322 square feet and carries clothing, bags, shoes and accessories.
The facade stands out with a punctured panel lit from the back, which contrasts with the interior, with its walls covered by soft golden brocade curtains, full-length mirrors, brown marble floors and beige carpeting.
In May, Miu Miu opened its first boutique in Mexico, at the Santa Fe Saks Fifth Avenue, located outside of Mexico City, and its first flagship in Morocco, in Casablanca’s Morocco Mall.
Earlier this month, the brand opened new venues at Paris’ Charles de Gaulle Airport, and in Taipei, Taiwan, in the prestigious Taipei 101 Financial Center Shopping Mall.
After 75 openings in 2011, the group confirmed an average of 80 a year in both 2012 and 2013. In 2012, 50 percent of openings are planned in “fast-growing markets” such as China, other Asian countries, the Middle East, Brazil and Morocco.
In the quarter ended April 30, the Italian luxury firm’s net profits climbed to 121.7 million euros, or $160.6 million, up 111 percent from 57.7 million euros, or $80.7 million, in the same period the previous year.
Revenues gained 47.9 percent to 686.7 million euros, or $906.4 million, from 464.3 million euros, or $650 million.
Dollar figures are converted at average exchange rates for the periods to which they refer.
@tradesy is turning the concept of a showroom upside down with its new space in Santa Monica. Here, the company plans to hold events, art exhibits and a showcase rare fashion pieces like this Louis Vuitton boxing set. Get all the details on Tradesy’s first showroom on WWD.com. #wwdnews
Spotted last night at the @erdem x @hm launch event: Kate Bosworth, Rashida Jones, Kirsten Dunst and Selma Blair. The party, which took place in LA, also marked the opening of their pop-up shop. “I was interested in creating a collection that wasn’t in any way disposable. It was about pieces you’d create and keep forever, things that have a permanence to it,” designer Erdem Moralioglu said. #wwdeye (📷: Katie Jones)
Renee Zellweger in yellow in 2001 and again in 2017. Chosen as one of the 12 @pantone Leading Spring Colors (and dubbed “Meadowlark”), it only makes sense that the bright hue stands the test of time and is making a resurgence this season, seen already on stars like @blakelively and @gigihadid. (📷: Donato Sardello & @rexfeatures) #wwdfashion #tbt
Dior’s 70th anniversary celebration continues with a new exhibition at the Royal Ontario Museum in Toronto. “Christian Dior,” which is scheduled to run through March 18, takes a look at the founders tenure from 1947 to 1057 and feature 40 designs. Pictured here is an evening gown from the Ailée, fall 1948-49 haute couture collection. #wwdfashion (📷: Brian Boyle)
As one of the most recognizable models in the world, Christy Turlington Burns has an insider’s view of the fashion industry and the allegations of sexual harassment swirling around it. “I can say that harassment and mistreatment have always been widely known and tolerated in the industry. The industry is surrounded by predators who thrive on the constant rejection and loneliness so many of us have experiences at some point in our careers,” Turlington told WWD, along with her suggestions for how the modeling world should protect younger women and men. Read more on WWD.com. Link in bio. (📷: Tony Palmieri) #wwdnews
@asics America has tapped a new brand ambassador: famed DJ/record producer @steveaoki. This initiative is intended to set the tone for the new brand identity and philosophy and will include partnerships with influencers and in-store and off-line activations that will continue into next year. This is Asics’ most significant marketing effort in two decades, and is expected to attract younger consumers to the brand. #wwdfashion
24-year-old Jean Prounis is redefining the rules of jewelry. Formerly a studio assistant to Jemima Kirke and a design apprentice at Ghuran, she focuses on handcrafted subtleties and ancient goldsmithing techniques. “There was a really sterile feel in the environment and I wanted to have jewelry with character that shapes how you wear it everyday,” Prounis said. Each piece is hand made in New York, either by Prounis or three other jewelers in the district. #wwdfashion
“These collections continue to build on that vision, empowering differently abled adults to express themselves through fashion,” said @tommyhilfiger of his line of adaptive apparel, which launches today. The line consists of 37 men’s and 34 women’s styles based upon the pieces from the spring Tommy Hilfiger sportswear collection. #wwdnews