Prada has definitely caught wind of the burgeoning new wealth in China, especially in the nation’s younger fashion-lovers. The esteemed label is now focusing their Chinese market on their spunky little sister brand, Miu Miu, to draw the business of the young, fashionable Chinese. Sebastian Suhl, Prada’s Chief Operating Officer, explained, “Chinese consumers know and research brands and they want designs that are unique.”
The Italian fashion house raised $2.15 billion with their initial public offering late last month and on Thursday, July 14, hosted a fabulous Miu Miu fall and winter 2011/2012 collection runway show. European, Russian, and Chinese models strutted their stuff while Hong Kong stars actress Cecilia Chung and pop star Sammi Cheng took it in and indulged in some lobster tail.
The company, who is hoping to capitalize on China’s younger consumers, aimed for a younger guest list for the event – one, according to the Wall Street Journal, that was about a decade younger than that of the Prada’s Beijing show in January. Currently, Miu Miu is driving Prada’s growth in China with the more youthful brand accounting for 35% of net sales across Asia.
The frillier and funkier sister brand, founded by Prada designer Miuccia Prada in 1993, has found an eager following among China’s younger luxury shoppers. Due to the response, Prada plans to open Miu Miu stores faster in Asia than they plan to do with their other brands. They plan on doubling the number of outlets by 2014 to 55, with four stores currently in mainland China, seven in Hong Kong, and two in Taiwan.