Must Read: Miu Miu Retail Sales Grew 93%, How Bvlgari's CEO Made the Brand a Global Phenomenon

Photo: Jeremy Moeller/Getty Images

These are the stories making headlines in fashion on Tuesday.

Miu Miu retail sales are up 93%
Prada Group released its H1 2024 financial results which highlighted a 17% year-over-year increase in net revenue and retail sales up 18% year-over-year. Miu Miu (which made up 23% of overall revenue) was a major driver of this increase as the brand saw its retail sales up 93% year-over-year. Retail sales at the Prada brand (which made up 75% of overall revenue) grew 6%. The group also saw double-digit growth in Asia Pacific, Europe, Japan and the Middle East. {Prada Group}

How Bvlgari's CEO made the brand a global phenomenon
Bvlgari's CEO Jean-Christophe Babin has been with the brand since 2013, and now, Laura Burdese has been appointed the brand's deputy CEO as of Sept. 1 which some industry insiders predict points to an impending change of guard. During Babin's tenure, Bvlgari's revenues have more than doubled from approximately €1.5 billion to over €3.5 billion. Babin notes that his strategy is to play the "opposite game of the market leader," meaning if a market leader is keeping its icons separate in product categories, Bvlgari mixes them, which simplifies its sales narrative and achieves cost-effective advertising. {Vogue Business/paywalled}

New Balance's plan to become a $10-billion brand
New Balance is expanding its brand reach through collaborations with the likes of Aimé Leon Dore's Teddy Santis, Joe Freshgoods and Kith's Ronnie Fieg, in addition to working with athletes like Coco Gauff, Bukayo Saka and Cameron Brink. The brand's sales reached $6.5 billion in 2023, a 23% increase from the year before, and now, New Balance has its sights set on becoming a $10 billion brand in the next few years. Since New Balance is privately held and has operated quietly without as much scrutiny and shareholder pressure, the brand has had time and space to strategically evolve into a popular lifestyle sneaker business. {Business of Fashion/paywalled}

Giorgio Armani reports gains in 2023 sales
Giorgio Armani reported that fiscal 2023 "ended on a positive note" for the group, which is one of the few remaining independent luxury fashion companies. Armani (who recently turned 90) said the group navigates challenges and uncertainties by focusing on "continuity and a pragmatic, consistent approach." With a slowdown in Asia at the end of 2023 and in early 2024, Armani Group closed last year with a 4% gain in revenues and net profit while also leveraging a net cash pile of more than €1 billion. {WWD/paywalled}

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