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With +93% retail growth and global cultural resonance, Miu Miu outpaced the market and became fashion’s most talked-about label.
Financials
14 August, 2025
Table of contents
In a year where the global luxury market grew modestly, Miu Miu delivered an exceptional performance - solidifying its position as one of the industry's most dynamic fashion brands.
Read the full Miu Miu brand report Here.
According to Prada SPA’s 2024 Annual Report (published on 25 March 2025), Miu Miu achieved retail sales exceeding €1,2 billion, marking a remarkable +93% year-on-year increase at constant exchange rates. This unprecedented growth significantly outpaced the broader luxury sector, which Bain & Company estimates grew at a mid-single-digit rate in 2024 amid macroeconomic volatility and consumer recalibration.
As Prada SPA achieved four consecutive years of double-digit growth, Miu Miu became the standout performer, nearly doubling its contribution to group sales, accounting for 25% of retail revenues compared to just 15,5% in 2023. This transformation was not only financial but deeply cultural-driven by creative risks, digital-forward campaigns, and deeper connections with Gen Z and Millennial audiences.
| Indicator | FY 2023 | FY 2024 | Change (YoY) |
|---|---|---|---|
| Miu Miu Net Revenues | €753,2 million | €1.378 million | +83% |
| Miu Miu Retail Sales | €649 million | €1.228 million | +93% |
| Share of Prada Group Retail Sales | 15,5% | 25,3% | +9,8pp |
In 2024, Miu Miu delivered a financial performance that firmly redefined its position within the Prada SPA and across the wider luxury industry. The brand's retail sales reached €1.228 million, nearly doubling from the previous year and growing +93% at constant exchange rates - a remarkable acceleration unmatched by its peers. This growth was not only exceptional in percentage terms but also strategically significant, pushing Miu Miu past the €1 billion milestone and reshaping the internal brand mix of the Prada SPA.
The impact of this leap is clearly visualised in the brand's retail share for the year:
Miu Miu accounted for 25% of total retail sales in FY 2024, up from just 15,5% the year before. In comparison, Prada accounted for 73%, while Church’s and other brands shared the remaining 2%. This redistribution illustrates how Miu Miu has evolved from a niche portfolio player into a core driver of group growth.
The performance was powered by success across multiple product categories - particularly leather goods, which emerged as the fastest-growing segment thanks to reinterpreted icons and high-frequency newness. Ready-to-wear and footwear also performed exceptionally well, supported by the brand’s creative storytelling, cultural relevance, and increasing influence among younger consumers.
Regionally, Miu Miu posted strong and balanced growth. Japan saw a standout performance with soaring demand from both locals and tourists, while Europe benefited from increased tourist flows and the success of Miu Miu’s Fall/Winter collections. In Asia-Pacific, despite macroeconomic headwinds, the brand achieved double-digit growth and a strong Q4 rebound. North America gained momentum in the second half of the year, and the Middle East remained robust, fuelled by luxury spending among young female consumers.
While the global personal luxury goods market recorded only modest growth in 2024 - estimated at +4-5% - Miu Miu’s +93% retail increase places it among the fastest-growing fashion brands globally. In contrast, major competitors like Gucci grew only +1% amid strategic repositioning, and even high-performing brands such as Loewe or Dior saw growth in the low double digits.
Within this competitive context, Miu Miu's results reflect not just strong execution, but a genuine shift in brand desirability and consumer culture.
By investing in storytelling, immersive retail environments, and boundary-pushing collaborations, Miu Miu has set a new standard for what a modern luxury brand can achieve. The brand's performance in 2024 was not simply about growth - it was about redefining relevance.
While Prada spa does not provide brand-level revenue by region, Miu Miu’s +93% retail growth versus Prada’s +4% suggests that Miu Miu was the primary contributor to group-level regional gains. The brand’s growth was described as “broad-based across all product categories and regions.”
Japan posted +46% growth, supported by strong domestic demand and tourism - both aligning with Miu Miu’s youth-driven positioning and ambassador campaigns.
Europe saw +18% growth, benefitting from a mix of tourist flows and local luxury consumption, particularly in fashion capitals where Miu Miu has a strong editorial and retail presence.
Asia-Pacific recorded +13% growth, with Miu Miu’s cultural relevance and social media momentum driving strong demand in South Korea and Southeast Asia.
The Middle East grew +26%, fuelled by luxury appetite among young, fashion-forward female consumers - a perfect match for Miu Miu’s aesthetic.
Americas saw a late-year acceleration after a softer H1, driven by high-impact celebrity placements and improved in-store experiences.
Miu Miu is primarily a retail-first brand with minimal exposure to wholesale or royalties. Its +93% growth came overwhelmingly from directly operated stores, aligning with Prada Group’s strategic focus on full-price, brand-controlled distribution.
Group retail sales grew +18% in FY24, but Miu Miu’s growth far outpaced this, confirming its dominant contribution to the overall retail uplift.
Productivity per store increased significantly, supported by store renovations, immersive experiences, and curated hospitality.
Wholesale growth was modest and selective, mostly in travel retail - Miu Miu’s role here was limited.
Licensing (eyewear, fragrance) contributed to royalty growth, though Miu Miu’s share remained relatively small.
January 2024: SS24 campaign launched with Emma Corrin, Lexie Liu, and Cailee Spaeny, shot by Zoë Ghertner. Emphasised minimalism, individuality, and preppy-punk contrasts.
July 2024: FW24 campaign “Individual Moments” introduced starring Cara Delevingne, Minnie (G)I-DLE, Ethel Cain, and Little Simz - reinforcing a diverse, global narrative.
October 2024: “Tales & Tellers” at Art Basel Paris celebrated women filmmakers and live performances, aligning the brand with female storytelling and avant-garde cinema.
Spring-Winter 2024: Continued expansion of the Women’s Tales series, supporting original short films directed by women worldwide.
January 2024: Released the 4th Miu Miu Upcycled Collection, featuring repurposed denim and kilts from archival materials, backed by blockchain-based authenticity through Aura Consortium.
March to December 2024: The Miu Miu Select series toured Milan, Seoul, Tokyo, Miami, Dubai and Hong Kong - with curated edits from brand ambassadors like Cailee Spaeny and Momo.
Experiential pop-ups including Gymnasium and Custom Studio introduced playful, localised product interaction.
Miu Miu was crowned “World’s Hottest Brand” for a second consecutive year by Lyst Index in Q1 2025.
Defied luxury industry slowdown with +93% growth, while competitors like Gucci, Saint Laurent, and Burberry underperformed.
Became a defining trend-setter in 2024, with its micro-minis, ballet flats, and gender-fluid tailoring dominating fashion editorials and social media feeds.
Coverage in The Guardian and Vogue Business positioned Miu Miu as a case study in Gen Z cultural relevance and strategic reinvention.
Miu Miu’s rise in 2024 was anchored not only in creative and commercial momentum but also in a growing commitment to social and environmental responsibility. As part of Prada SPA, the brand actively contributed to a broad set of ESG goals while carving out its own culturally conscious positioning.
Circular Fashion Leadership
Miu Miu continued to lead in circularity with the fifth edition of the Upcycled by Miu Miu collection. Launched in January 2024, the collection featured vintage kilts, repurposed denim, and pre-loved embroidery, each authenticated via the Aura Blockchain Consortium. These one-of-a-kind pieces redefined the value of reworked fashion, blending nostalgia with luxury.
Emissions and Resource Reduction
According to Prada SPA’s FY 2024 non-financial disclosures, Scope 1 and 2 greenhouse gas emissions were reduced by -61% versus the 2019 baseline, already surpassing the Group’s Science-Based Targets. This was achieved through heavy investment in green energy across boutiques and production hubs. Miu Miu’s contributions included integration of low-impact raw materials into its RTW and accessories lines.
Biodiversity & Supply Chain Stewardship
Prada Group, including Miu Miu, launched a biodiversity assessment of upstream supply chains in 2024. Over 80% of raw material suppliers were engaged via the ZDHC programme to ensure responsible chemical management. Water risk mapping across Miu Mius production lines was also completed during the year.
Gender Equality & Workplace Inclusion
As of December 2024, women represented 46% of top and senior management across Prada SPA. The introduction of a Parental Policy in mid-2024 supported work-life balance, professional inclusion, and gender equity - particularly important in Miu Miu’s predominantly female-led teams.
Education & Cultural Advocacy
Miu Miu sustained its long-term support for women’s voices through the Women’s Tales series and academic tie-ins, like panel discussions at Art Basel and university collaborations.
Additionally, the SEA Beyond programme reached over 35,000 students globally through ocean literacy education, with Miu Miu contributing to cross-disciplinary storytelling initiatives tied to environmental awareness.
Community-Facing Cultural Platforms
Through events like Tales & Tellers and curated screenings of its short films, Miu Miu championed intersectional feminism, youth voices, and artistic independence. These projects transcended marketing to become part of the brand’s identity - merging luxury with values-based community building.
In 2024, Miu Miu’s ESG profile shifted from compliance to active contribution. Whether through upcycled garments, cultural literacy, or internal leadership reform, the brand positioned itself as both environmentally aware and socially relevant - an increasingly important distinction in today’s luxury landscape.
In 2024, Miu Miu redefined its role within the Prada SPA and the broader luxury landscape. With retail sales surging by +93% year-on-year and total revenues crossing €1,2 billion, the brand not only achieved record-breaking growth but also emerged as a cultural force - blending fashion, storytelling, and values-led engagement with a precision rarely matched in luxury today. Its contribution to group retail sales nearly doubled in a single year, reflecting a decisive shift in strategic weight from niche to core portfolio driver.
This performance was supported by a retail-first distribution model, regional momentum across Japan, Europe, and the Middle East, and category excellence led by leather goods, ready-to-wear, and footwear. Culturally, Miu Miu led the conversation through boundary-pushing campaigns, collaborative activations like Tales & Tellers, and consistent amplification of female voices via its Women’s Tales film series. Environmentally, it delivered on circular fashion, emissions targets, and biodiversity initiatives, while internally advancing gender balance and workplace inclusion.
Looking ahead to 2025, Miu Miu is focused on consolidating its momentum through six core priorities:
Retail expansion and evolution: New store openings and elevated in-store experiences are planned, particularly in high-growth markets such as China, the Middle East, and North America.
Creative consistency and product desirability: The brand will continue to invest in frequent newness, upcycled editions, and cross-category storytelling to sustain top-of-mind appeal.
Empowering the new CEO: Silvia Onofri’s appointment signals a deeper commitment to operational excellence and talent continuity as the brand scales.
Strengthening experiential culture: More editions of Miu Miu Select, immersive pop-ups, and site-specific cultural events are scheduled throughout the year.
Sustainability leadership: Building on its upcycling and low-impact sourcing credentials, Miu Miu will further accelerate its ESG integration in materials, packaging, and community engagement.
Global youth engagement: With Gen Z and Millennials at the heart of its strategy, the brand will continue investing in inclusive storytelling, digital touchpoints, and platform-native experiences.
As the luxury industry faces uneven growth and increasing demands for authenticity, Miu Miu stands apart. Its success in 2024 was not just about financial outperformance - it was about shaping the future of fashion through meaning, creativity, and conviction. In 2025, it aims not just to grow, but to lead.
Cover Image Courtesy: Autre Magazine.
Read the full Miu Miu brand report Here.
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