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It took something surprisingly small — something that's been described as "teeny tiny" and "ultra-cropped" — to propel <keyword id="19948011" type="General" weightage="100" keywordseo="Prada" source="keywords" meta.keywordsubtype="org" meta.entityname="Prada" meta.hostid="261" meta.entityid="Prada">Prada</keyword> to its place as one of the year's few luxury winners. In fact, it measures under 10 inches long. <keyword id="20885719" type="General" weightage="20" keywordseo="Miu-Miu" source="keywords" meta.keywordsubtype="org" meta.entityname="Miu Miu" meta.hostid="261" meta.entityid="Miu Miu">Miu Miu</keyword>'s micro miniskirt, which debuted in 2021 and subsequently went viral, taking over both TikTok and magazine front covers, is emblematic of the brand's show-stopping couple of years — and has no doubt helped its parent company, Prada, do what few luxury companies have been able to do this year: grow. "I think the 'miracle' at Prada is Miu Miu," Luca Solca, a senior analyst at Bernstein, told Business Insider. Thanks to <a target="_blank" href="https://www.businessinsider.com/miu-miu-revenue-jumps-93-gen-z-asia-sales-prada-2024-7">Miu Miu's hot streak</a>, as well as a series of smart business moves at Prada itself — a focus on a controlled retail pipeline and store productivity, plus some experienced new hires — the company is <a target="_blank" href="https://www.businessinsider.com/zara-inditex-pandora-thrive-amid-luxury-downturn-aspirational-consumer-trends-2024-9">bucking negative luxury trends</a>. It's selling well in Asia, its stock is up, and investors are excited. Net revenue for the first half of the year was 14% higher than in the same period in 2023 and 34% more than 2022. At luxury bellwethers LVMH and Kering, first-half sales fell 1% and 11%, respectively, compared to last year.Its stock is up more than 30% year-to-date, even more than that of <a target="_blank" href="https://www.businessinsider.com/hermes-became-ultimate-status-symbol-2024-2">Hermès, luxury's perennial market leader</a>. Along with Moncler, it's one of only two buy-rated luxury stocks at HSBC. The 111-year-old, family-run, Milanese leather goods shop turned cutting-edge fashion superhouse is now enjoying one of its greatest runs in history. <h2>The trendy little sister</h2>As any elder sibling knows well, sometimes the flashy, fun younger sister can outshine even the most well-prepared eldest. Miu Miu is doing just that. The more experimental brand has become the "It" girl of the fashion industry. It's number two on The Lyst Fashion Index, a quarterly measure of the hottest fashion brands. Searches for Miu Miu are up 47% this year on luxury resale platform The RealReal. The micro minis that stormed the runway in 2021, a sneaker collab with New Balance, and the quilted Wander bags have become must-have looks. That's translated into impressive results: <keyword id="19957111" type="General" weightage="20" keywordseo="retail-sales" source="keywords">Retail sales</keyword> were up 50% in 2023 and 86% in the first half of this year. Last quarter, website traffic was up 110% year over year, Stifel's Rogerio Fujimori reported in his July note. The brand will likely hit $1 billion in revenue this year. <div type="image" title="Miu Miu micro miniskirt" height="3109" width="4663" msid="113815737" hostid="261"></div>Part of it is the brand's messaging. "Miu Miu is resonating with consumers because of a savvy mix of product and communication marketing," Solca said. In a recent note, he highlighted the brand's events — a tennis club, literary club, and film series — that go beyond just fashion to form a "cultural aesthetic." Miu Miu has embraced stars (Sydney Sweeney and Gigi Hadid were featured in recent campaigns), which has energized its following. The brand has also managed to tap into Asian markets — one of the <a target="_blank" href="https://www.businessinsider.com/china-luxury-retail-sales-slowdown-brands-fashion-2024-7">most challenging sectors for luxury brands</a>. Again, some smart marketing has helped. The brand enlisted K-pop icons as ambassadors and dressed Chinese stars Lexie Liu, Zhao Jinmai, and Wu Yanshu. It also increased spending on Little Red Book, a social media platform in China, and threw events in Tokyo, Taipei, and Nanjing. In short — pun intended — you can't get trendier than Miu Miu right now, and being trendy is good for business. <h2>The business behind the boom</h2>But Miu Miu's popularity, as attention-grabbing as it is, is only part of the story. The brand accounted for 15% of Prada's sales last year. HSBC analysts called its growth a "(big) cherry on the cake" — the cake being Prada (which didn't respond to a request for comment from Business Insider for this story). Behind Miu Miu's Mary Jane shoes and Arcade bags is a success story at its parent company. The group's namesake line is growing, albeit at a slower and steadier pace. Prada's retail sales were up 3% in the first half of the year compared to last year and 7% in 2023. It's been among Lyst's top five hottest brands since 2022. This didn't happen by accident: In 2017, Prada committed to a turnaround strategy following a few losing yearsand a drop in profitability. At more than 100 years old, Prada hadn't entered the new millennium: Its full product line wasn't available through e-commerce, and its advertising wasn't digitized. "In 2015, the tide really turned for them," Jelena Sokolova, a senior analyst for Morningstar, told Business Insider. "They fared worse than the industry: Sales were negative for a number of years; their earnings plummeted." In response, Prada focused on retail, a channel in which it can control prices and cut back on wholesale, which now represents only 11% of sales. It made an effort to cut down on discounts — a problem that has <a target="_blank" href="https://www.businessinsider.com/how-burberry-became-fashions-biggest-fail-stock-drop-ceo-ousting-2024-8">plagued labels like Burberry</a> and Gucci and can lead to diminishing brand perception. At its retail stores, new CEO Andrea Guerra, who arrived in 2023 from LVMH, has drilled down on productivity, or how much money each square foot of retail space generates, by launching in-store installations, forming one-to-one relationships between sales associates and customers, and infusing stores with wearable pieces and collaborations. The company closed stores that weren't performing and renovated the ones that were. It's worked: Retail productivity has increased 32.5% between 2019 and 2023. <div type="image" title="Prada store" height="3333" width="5000" msid="113815742" hostid="261"></div>There has also been a slew of management changes. In 2020, the company brought on Raf Simons, heralded as one of the biggest stars in the design world, as co-creative director, sharing the title with Muccia Prada — the company's billionaire heiress who The New York Times has <a target="_blank" href="https://www.nytimes.com/2023/10/04/style/miu-miu-chanel-louis-vuitton-paris-fashion-week.html">referred</a> to as "the most influential woman in fashion." Prada now has more time to use her keen sense of design at Miu Miu. In the years following, it recruited talent from LVMH and Goldman Sachs to join its top ranks. And then there is the sheer cyclicality of fashion and the fact that, after a few years of being less-than-hot, Prada is once again on the rise. It has embraced the 1990s and Y2K aesthetic — a heyday for Prada — popular with Gen Z and was the most searched brand among the demographic on The RealReal. Hit products pushed the profitable leather goods category to revenues of more than $2 billion last year. There was a reimagining of the early 2010s it-bag, the Galleria, complete with a Scarlett Johansson-led campaign. Other handbag rereleases, like that of the Nylon, have taken off, while new purse styles like the Buckle and Arqué got callouts in last year's earnings report. That momentum gave the brand an upper hand going into the luxury downturn. "People prioritize which brands they want to spend on. With a limited budget, first, you drop the ones that were not hot to begin with," Sokolova said. <h2>Can Prada's hot streak last?</h2>Just as fashion comes in, it can come out. And Prada's story — particularly Miu Miu's rapid-fire growth — in some ways mimics that of <a target="_blank" href="https://www.businessinsider.com/gucci-sales-profit-reputation-falling-luxury-kering-michele-china-2024-5">Gucci's hype-driven rise and plummeting fall under Alessandro Michele</a>. "You kind of become a victim of your own success," Sokolova said. Both Prada and Miu Miu are susceptible to volatility, though for different reasons. Miu Miu is still relatively small, meaning its brand identity is not yet established enough to withstand the whims of consumers. CEO Guerra has acknowledged that such incredible growth can lead to a challenge. "There appears to be a glass ceiling," Solca wrote in a recent note. "Being prominent brings fatigue: after a while, consumers feel they have seen and done enough with these brands and move on." Prada, meanwhile, is more exposed in the cyclical ready-to-wear category — which makes up 32% of sales — than other brands like Gucci and YSL. But there are signs of continued growth: Miu Miu is adding 10 to 15 stores next year, while Prada is adding five to 10, the company has said. The brand's retail footprint is particularly underpenetrated in the US. The company's beauty business is still nascent. Last year, it launched skincare and makeup through a partnership with L'Oréal, and there is more money to be made in that sector. With so much control of its sales chain, the company can raise prices and limit overexposure through low-end collaborations or expansion into cheap categories. Plus, the slowdown hasn't happened yet: Miu Miu website traffic and sales continued to grow between the first and second quarters, and the company maintains it's not a flash in the pan. "This is a result of many years of work on the brand, on the products, on the people," Guerra said about Miu Miu's success on the company's most recent earnings call. Meanwhile, <a target="_blank" href="https://www.businessinsider.com/prada-white-tank-top-status-symbol-2024-2">Prada has maintained its brand value</a>. But the woman Miuccia Prada herself knows the pressure is on. "I was very nervous for this show," she told reporters backstage at the line's fashion show earlier this month about the new collection, <a target="_blank" href="https://www.nytimes.com/2024/09/20/style/prada-fendi-milan-fashion-week.html">The New York Times reported</a>. "Much more than usual." September 30, 2024 — An earlier version of this story misspelled the name of Miuccia Prada.

How Prada is beating the odds and bucking the luxury slump 

As the results season kicks in, the <keyword id="20097634" type="General" weightage="20" keywordseo="quarterly-earnings" source="keywords">quarterly earnings</keyword> numbers of several <keyword id="22405488" type="General" weightage="20" keywordseo="blue-chip-firms" source="keywords">blue-chip firms</keyword> — such as <keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys" meta.hostid="261" meta.entityid="Infosys">Infosys</keyword> and Reliance Industries — along with <keyword id="20837523" type="General" weightage="20" keywordseo="global-trends" source="keywords">global trends</keyword> and <keyword id="20223116" type="General" weightage="100" keywordseo="trading-activity" source="keywords">trading activity</keyword> of foreign investors, will determine <keyword id="22405487" type="General" weightage="20" keywordseo="equity-market-movement" source="keywords">equity market movement</keyword> in the holiday-shortened week ahead, according to analysts. The domestic <keyword id="22405489" type="General" weightage="20" keywordseo="WPI-inflation-data" source="keywords">WPI inflation data</keyword> for June — scheduled to be announced on Monday — will also influence trading sentiments, traders said. Markets will remain closed on Wednesday for Muharram. Among major quarterly earnings to be tracked this week are from HDFC Life Insurance Company, Bajaj Auto, BPCL, JSW Steel, Asian Paints, Infosys, and Reliance Industries. "Q1 earnings will be a key focus this week as numerous companies, including heavyweights Infosys, and Reliance, are set to release their results. Additionally, <keyword id="22194639" type="General" weightage="20" keywordseo="pre-Budget-discussions" source="keywords">pre-Budget discussions</keyword> are expected to contribute to market volatility," Santosh Meena, Head of Research, Swastika Investmart Ltd, said. On the global front, a significant focus will be on China. The country is scheduled to announce its GDP and Industrial Production (IIP) numbers, Meena said. "Other global factors to watch include the speech by the US Federal Reserve Chairman, US retail sales figures, and macroeconomic data from Japan," he added. Meanwhile, IT services company HCL Tech on Friday posted a 20.4 per cent rise in consolidated net profit to Rs 4,257 crore for the June-ended quarter and gave a revenue growth guidance of 3-5 per cent for FY25 on GenAI diversification and strong operational execution. "On Monday, markets will react to India's inflation data. Key results this week include Jio Financial Services, HDFC Life, Asian Paints, LTIMindtree, Infosys, Wipro, JSW Steel, Paytm, etc. Also globally, investors will take cues from China's GDP numbers, US core retail sales data, and ECB (European Central Bank) interest rate decision," Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services Ltd, said. Retail inflation increased to four-month high of 5.08 per cent in June as food items, including vegetables, became dearer, according to government data released on Friday. Vinod Nair, Head of Research, Geojit Financial Services, said, "We expect stock-specific moves to gain traction due to the ongoing earnings season; indeed, IT will be in the limelight due to the good start to the earnings and outlook." In the week ahead, economic data like China GDP, EuroZone CPI inflation, ECB policy, and the US Fed chair speech will be watched by investors to get cues on market momentum, Nair added. On a weekly basis, the BSE benchmark jumped 522.74 points, or 0.65 per cent, while the Nifty climbed 178.3 points, or 0.73 per cent. The 30-share BSE Sensex jumped 622 points, or 0.78 per cent, to settle at a record closing level of 80,519.34 on Friday. During the day, it zoomed 996.17 points, or 1.24 per cent, to hit an all-time high of 80,893.51. The NSE Nifty surged 186.20 points, or 0.77 per cent, to settle at a record closing high of 24,502.15. Intra-day, it jumped 276.25 points, or 1.13 per cent, to hit a new lifetime peak of 24,592.20.

Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

<ul class="summary-list"><li><keyword id="12036388" type="UNKNOWN" weightage="60" keywordseo="global-stocks" source="Orion">Global stocks</keyword> fell Tuesday, with <keyword id="11945446" type="UNKNOWN" weightage="60" keywordseo="us-futures" source="Orion">US futures</keyword> setting up a retreat from the previous day's sizzling rally.</li><li><keyword id="12019330" type="UNKNOWN" weightage="60" keywordseo="snap" source="Orion">Snap</keyword> fell as much as 28% premarket, after its CEO warned of a "challenging macroeconomic environment".</li></ul>Global stocks fell Tuesday, with US futures setting up a retreat from the previous day's sizzling rally, as investors continued to fret about an economic slowdown.Meanwhile, the <a href="https://markets.businessinsider.com/currencies/eur-usd">euro</a> rebounded against the dollar after European Central Bank President Christine Lagarde said eurozone interest rates are "at a turning point." Futures for the <a href="https://markets.businessinsider.com/futures/s&amp;p-500-futures">S&amp;P 500</a> fell 1.03%, while <a href="https://markets.businessinsider.com/futures/dow-futures">Dow Jones</a> futures slid 0.66%, after surging Monday as investors digested the first-quarter earnings season results. Futures on the tech-heavy <a href="https://markets.businessinsider.com/futures/nasdaq-100-futures">Nasdaq</a> lost 1.62%, leading the way as all major US indices were weighed down by a sharp fall in <a href="https://markets.businessinsider.com/stocks/snap-stock">Snap'</a>s stock after a profit warning late Monday.Investors' fears about an economic slowdown were fanned by a warning by Snap's CEO about a "challenging macroeconomic environment" that would hit <keyword id="11897160" type="UNKNOWN" weightage="60" keywordseo="hiring" source="Orion">hiring</keyword> and revenue growth for the social-media platform for the rest of the year. The stock <a href="https://markets.businessinsider.com/news/stocks/snap-stock-price-economic-downturn-slower-hiring-lower-revenue-2022-5">plunged as much as 28%</a> in Tuesday's premarket in the wake of his comments."Snap spooked the market with a macroeconomic warning that dented tech the most and pointed to earnings revisions that could drag the market lower for longer," said Neil Wilson, chief market analyst at <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword>.com. "The company not only warned that it would miss revenue and earnings estimates, but became the latest to say it would slow hiring."Equities worldwide dropped, with the <a href="https://markets.businessinsider.com/index/msci-world">MSCI All-World</a> falling 0.34% as growth concerns took hold.Europe's <a href="https://markets.businessinsider.com/index/stoxx_europe_600">Stoxx 600</a> slipped 0.72%, with the UK's <a href="https://markets.businessinsider.com/index/ftse_100">FTSE 100</a> down 0.20%. Germany's <a href="https://markets.businessinsider.com/index/dax">DAX</a> slid 0.82%, and the French <a href="https://markets.businessinsider.com/index/cac_40">CAC</a> 40 slipped 0.92%, as eurozone business growth slowed in May thanks to a shortage of raw materials, according to preliminary Purchasing Managers Index data. ECB boss Lagarde said Tuesday the <a href="https://markets.businessinsider.com/news/currencies/dollar-euro-ecb-christine-lagarde-wont-be-rushed-withdraw-monetary-stimulus-2022-5">central bank is "at a turning point"</a> in its monetary policy, but stressed there was no need for it to rush to raise rates or withdraw economic support. Her comments, which built on her forecast that the ECB is looking to hike rates this year, helped push the euro to one-month highs against the dollar."The economic data out of the eurozone continues to show that there is no reason for the ECB not to begin the process of increasing the interest rate. It is time for the negative interest rate period to end," Naeem Aslam, chief market analyst at Avatrade, said.Asian stocks closed lower, as new Chinese measures to support the economy failed to dampen worries about the impact of Beijing's COVID-zero policy of strict curbs to contain the virus. The <a href="https://markets.businessinsider.com/index/shanghai_composite">Shanghai Composite Index</a> fell 2.41%, while Hong Kong's <a href="https://markets.businessinsider.com/index/hang_seng">Hang Seng Index</a> dropped 1.75%. Japan's <a href="https://markets.businessinsider.com/index/nikkei_225">Nikkei 225</a> was down 0.94%.Oil futures dipped as concerns over China's curbs and the prospect of recessions worldwide outweighed hopes for a pick-up in demand during the US summer driving season and ongoing tight supply. <a href="https://markets.businessinsider.com/commodities/oil-price">Brent crude</a> was 0.13% lower at $113.27, while <a href="https://markets.businessinsider.com/commodities/oil-price?type=wti">WTI crude</a> changed hands at $110.15, down 0.14%. Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-undervalued-cheap-earnings-forecasts-crash-morningstar-2022-5" target="_blank" rel="noopener noreferrer">Buy these 11 undervalued stocks that crushed earnings forecasts even as fears of a market crash continue to intensify, according to Morningstar</a>

Global stocks and US futures fall after Snap's profit warning fuels growth fears

<ul class="summary-list"><li>US wages went into pandemic-related decline in March 2020, and exceeded that level in March 2021, per BLS data</li><li>The indicator is the latest to surpass past highs as stimulus and reopening power the US rebound.</li><li>The boost was driven by stronger <keyword id="2372711" type="PERSON" weightage="60" keywordseo="wage-growth">wage growth</keyword> for low-wage workers, a group hit hard by lockdowns.</li></ul>Various <keyword id="35023" type="PERSON" weightage="60" keywordseo="economic-indicators">economic indicators</keyword> are surpassing their pre-pandemic highs as stimulus and reopening drive the country toward a full recovery.US wages are the latest to rebound.<keyword id="6402851" type="UNKNOWN" weightage="60" keywordseo="salaries">Salaries</keyword> and hourly wages finally leaped above their February 2020 peak in March 2021, according to the <a href="https://www.bea.gov/data/income-saving/personal-income">Bureau of Economic Analysis</a>. Employee payment across the country rose to a seasonally adjusted annual rate of $9.78 trillion from $9.67 trillion, marking a new record high and an eleventh consecutive climb.By comparison, it took more than twice as long for wages to fully rebound from their decline during the Great Recession.The sharp increase seen two months ago was powered by stronger wage growth for workers in food preparation and serving, cleaning, and individual care, a group hit hard by lockdowns. Those Americans have enjoyed a massive jump in wages from January to March as vaccines started to be rolled out and service jobs bounced back. Wage growth for managers, professionals, technicians, and office and administration workers remain below their pre-pandemic rates, albeit only slightly so.The bounceback in low-wage income growth marks a positive development amid the largely uneven recovery. The white unemployment rate still sits significantly lower than that for Black and Asian Americans. And while wages are rebounding across racial and gender lines, the pandemic <a href="https://www.businessinsider.com/economic-outlook-inequality-uneven-recovery-stimulus-debt-fed-raphael-bostic-2021-3">only exacerbated long-lasting inequalities</a>.More broadly, the <keyword id="409455" type="PERSON" weightage="60" keywordseo="labor-market">labor market</keyword> seemed to turn a corner in March. Payroll growth shot higher as stimulus and the easing of lockdown measures juiced the economic recovery. Gains were also strongest among leisure and hospitality businesses, some of the firms hit hardest by the virus and its fallout.The labor market's rebound is expected to have accelerated last month. The Bureau of Labor Statistics is set to publish April payroll growth data on Friday and reveal how reopening and warmer weather benefitted hiring. The median estimate from economists surveyed by Bloomberg calls for nearly 1 million nonfarm payroll additions. They also expect the unemployment rate to drop to 5.8% from 6%.Economists got their first preview of April job creation Wednesday morning. The country's private sector <a href="https://www.businessinsider.com/us-private-payrolls-april-adp-report-labor-market-employment-hiring-2021-5">added 742,000 payrolls in April</a>, according to ADP's monthly employment report. That missed the median estimate of 873,000 private payrolls but still marked a fourth straight monthly gain. "Service providers have the most to gain as the <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> reopens, recovers, and resumes normal activities and are leading job growth in April," Nela Richardson, chief economist at ADP, said.[Editor's note: This article has been updated to remove the Federal Reserve phrase classifying workers in food preparation and serving, cleaning, and individual care as "low-skill workers," a term increasingly seen as problematic.]

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How Prada is beating the odds and bucking the luxury slump

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Trading activity to hinge on Q1 results, global trends in holiday-shortened week: analysts

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Global stocks and US futures fall after Snap's profit warning fuels growth fears

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The American worker had been earning less throughout the pandemic. That ended in March.

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