BUSI 110- Hina Quashie MIU MIU Analysis

Contents

03. Brand history

A brief introduction on Miu Mius’ origin story.

04. Branding

What is Miu Mius’ Brand Identity?

05. Target audience

Who are Miu Mius Customers? Seriously, send me their number!

06. Value proposition

What makes Miu Miu different? And what promise do they make to their customers?

07. Finance

The ins -and-outs of a luxury companies finances.

14. sales

How sexy is the sales process.. really?

15. Economics & Management

Uh oh! Its opposite day! Looks like im the CEO!

16. Strategy

Miu Mius business strategy and what tactics they use to achieve them,

17. operations

The process that breeds excellence

18. SwOT

Strength , Weaknesses, Opportunities, Threats

19. Closing thoughts

Brand History

The Prada Group is a global luxury fashion powerhouse that owns some of the world's most prestigious luxury brands, including Prada, Miu Miu, and Churchs'. The foundation of the Prada Group’s brand identity comprises essential values such as "creative independence, transformation, and sustainable development" (Prada Group n.d.), which have provided all its brands with a shared vision to interpret and express their creativity.

“Bravery is something women always need… This talks about the fantasies of women, their imaginations and dreams of different places, different ideas. Following your dreams is courageous – that takes bravery and strength.”

- Miuccia Prada

Viewing the Prada Group as a family, Prada would be the elegant and refined golden child that adheres to the rules and does no wrong. In contrast, Miu Miu would be the rebellious, independent sister who would rather die over her sword than be unable to express herself. Miu Miu, a luxury womenswear brand, was born in 1993 from the unique and unconventional spirit of Miuccia Prada. Miu Miu was the side of Miuccia that wanted to sneak out at night as a teen, wear pink while everyone else was wearing black, and go skiing in a bikini. Miu Miu was created as an "unrestrained portrayal of Miuccia Pradas' creativity" (Prada Group n.d). Miuccia's vision of femininity was strong and unconventional for her time; she viewed it as fluid, raw, brave, and imaginative. Despite this perspective being contradictory to the modern view of femininity, Prada's traditional aesthetic, and her grandfather's legacy, Miuccia remained unwavering in her convictions and made it the foundation of the brand identity.

First ad campaign featuring Drew Barrymore

Branding

The quirky expressiveness of Miuccias' creative identity gave Miu Miu a clear brand identity, which has stayed consistent over the years. Since its beginning, Miu Miu existed as a creative outlet for Miuccia Pradas' vision, thus giving legitimacy to one of the brand's values - boundless creativity due to femininity's individual and conscious nature. Additionally, elements of freedom, expression, and individualism are within the brand name, for Miu Miu is Miuccia Pradas' nickname.

Though Miu Mius' aesthetic deviates from its counterparts, it has always remained loyal to the brand values and essence of the Prada Group. When designing for Prada, Miuccia's clothing designs have always come from her experience, history, and tastes. Branding has never been an issue for Miu Miu since it maintains consistency in every aspect of its brand, including storytelling and its logo.

From the beginning, Miu Miu has told the story that femininity does not fit into a singular box but is fluid, playful, youthful, and vivaciously provocative. The Miu Miu logo is consistently found on all Miu Miu accessories as a symbol of status and Miu Miu pride.

The brand is intriguing due to its unique backstory and innovative edge that attracts customers who are not afraid to go against the norm. Miu Mius' brand markets a lifestyle to the customer. It markets that its consumers are trendsetters and the new 'ItGirls.'

Brand values

On top of offering clothing that illustrates the most rebellious and seductive essence of modern femininity, Miu Miu promises to deliver high-quality clothing that reduces its carbon footprint and mitigates climate change. As of December 2022, the Prada Group has approximately 246 LEED certifications for its internal and external operations, interior design, and building construction. For clarification, LEED is the most widely used green building scoring system; therefore, it provides a framework for healthy, efficient, and cost- saving green infrastructure.

Another value that Miu Miu commits to is an inclusive, diverse, and fair workplace that fosters creativity. In February 2019, the Prada Group established its DE&I ( diversity, equity, and inclusion) advisory council encouraging an inclusive work environment that allows people to reach their full potential with complete support and understanding.

Lastly, Miu Miu differentiates itself with garments and accessories of top-notch quality and stellar Italian craftsmanship. This is due to their in-house production sites, which will be explained further in the Operations section.

Target Audience/ Consumer

With a better understanding of Miu Mius' brand identity and history, the question of the brand’s product and target audience becomes easier to answer. Miu Miu offers a range of luxury fashion products, such as ready- towear clothing, shoes, handbags, accessories, and eyewear. These products are primarily aimed towards upper-class females from ages fourteen to mid- thirties. Thus Gen Z and millennials are likely to be dependent. Furthermore, HypeBae's blog states, "The Miu Miu muse in all her fascinating nuance and contrariness embodies the expansiveness of what it is to be a woman today. And juxtaposition is her modus operandi." The brand desires to inspire contemporary society, so millennials make up a large percentage of consumers.

What's more, Miu Miu recently threw a beach party in Malibu to advertise its new collection. The party attendees included Gigi Hadid, Chloe and Halle Bailey, and Hailee Steinfeld who are all in their mid- twenties and of high status. They were all wearing Miu Miu, advertising the lifestyle Miu Miu markets and its target audience- young women of the upper class. Additionally, Miu Miu capitalizes on its youthful and whimsical aesthetic by using quirky elements such as crystals, bows, and cartoon patterns, which appeal to individuals who view fashion as a form of selfexpression, and again want to be trendsetters.

Gigi Hadid Miu Miu Summer Club Event 2023

Chloe & Halle Bailey Miu Miu Summer Club Event 2023

Value Proposition

Although Miu Miu does not have a public value proposition, I can give it one based off of its target audience and consumer research on the needs, wants, and productbenefit grid analysis.

Product Benefit Value Connection

High Quality

Luxury Womenswear

- Sustainable Shopping

- Long Lasting Clothing

- One-of-a Kind

Needs Wants

- High Quality,

- Great craftsmanship for long lasting clothing that is worth the price.

- Aesthetic Charm

- One-of-a-Kind (individuality)

- Aura of Exclusivity

- Empowerment

- Self-Expression

- Part of a Community

- An image of high prestige, individuality, and affluence

- Depicts a lifestyle that Miu Miu markets and caters to

- Self- Expression & Influence

Value Proposition:

Young women who crave one-of-a kind, high quality, luxury garments of Italian Craftsmanship that exude an aura of exclusivity .

Finance

Miu Mius' revenue model consists of two main strategies which the Prada Group employs. The first strategy is licensing and brand partnerships. For clarification, Miu Miu earns revenue through licensing agreements and strategic brand partnerships. For instance, Miu Miu collaborated with New Balance in 2022, releasing denim sneakers that sold out during presale due to their practicality. This successful launch is another example of the brand being loyal to its identity of rebellious luxury. The sneakers aren't the typical classical plain shoe, but have elements of simplicity with its color scheme, and an element of quirkiness with its distressed denim appearance.

The second strategy Miu Miu uses is premium pricing. Premium pricing allows a company to set exclusive prices that reflect the exclusivity and luxury of its products. Miu Miu's ability to differentiate itself from competitors while remaining consistent with its branding values and identity is a primary factor in its ability to command premium prices. As a result, consumers feel a sense of loyalty leading to "repeat behaviors, premium pricing, positive recognition, and emotional connection."

Miu Miu earns its revenue by selling fashion products and accessories. In 2022, the Prada Group earned a total revenue of around 3.71 billion euros, with Miu Miu contributing 432 million in net sales, accounting for approximately 11.5% of the total revenue. Although this is a considerably large amount, it is not the highest the brand has earned. In fact, Miu Mius’ revenue came up to 515 million euros in 2016. However, it continued to decline as it progressed towards 2020. From 2016 to 2017 it showed an 11% decrease from 515.34 million to 459.34 million. Then, from 2017 to 2018, it showed a 1.3% decrease. As shown in the graph, Miu Mius' revenue continued to decline until 2020, when it hit a whopping all- time low. It dropped 27% from the prior year and 36% from 2016. The drastic plunge in 2020 was due to the COVID-19 pandemic. This unforeseen event resulted in store closures, little to no travel, and hardly any wholesale. The Prada Group suffered a 40% net revenue decline meaning it struggled to make less than a billion euros.

However, as lockdown restrictions loosened, Miu Miu and the Prada Group gradually bounced back. In 2021 Miu Miu rose 22% and grew by 7% in 2022. While the Prada Group increased by 21% in 2022. Furthermore, Miu Miu showed a 42% increase in retail store sales from the first quarter of 2022 and 2023 (Prada Group n.d). Adding on, the Prada Group made a strong rebound in Asia Pacific, benefitting from the easing of Covid-19 restrictions in China and continued substantial growth in South East Asia. In fact, the CEO of the Prada Group, Andrea Guerra, claims that a large portion of European sales comes from Chinese and Asian consumers. Based on my research of Miu Miu and the Prada Group as a whole, I believe that East Asia/Asia Pacific will remain the largest consumer and continue to grow exponentially, which will be discussed further in the Marketing portion.

Marketing Mix (7ps)

PRODUCT: As mentioned previously, Miu Miu offers a range of luxury fashion products including,- readyto-wear clothing, handbags, shoes, and accessories. Additionally, they recently released fragrance products in 2015.

Pricing: Miu Miu uses premium pricing - a technique that puts products at a high price point, justifying to the consumer that it is a higher quality, therefore, a higher price. Premium Pricing is also used due to competitive advantage. Premium Pricing gives the illusion that not only is better than the competitors, but it is more unique as well. Whether it be the leather or the fabric, something about the product makes it better, so it is worth the price. This strategy is mainly successful when the brand identity is solid (Sniffie). Miu Mius' brand loyalty is what allows them to premium prices. To reinforce, differentiation and consistency = loyalty.

Positioning: Miu Miu distinguishes itself in the luxury fashion market by utilizing its unique brand story and characteristics, allowing it to establish a clear and distinctive brand identity. The brand's positioning is evident through the use of various brand elements: Playful & QuirkyWhen compared to other high-end brands, Miu Miu stands out for its lively and youthful aesthetic that differentiates from the more reserved and conservative styles of traditional luxury.

High-Quality

Craftsmanship- Miu Miu is a brand that prides itself on its commitment to craftsmanship, attention to detail, and use of high-quality materials. The products

offered by the brand are renowned for their exceptional craftsmanship and use of exclusive materials, which offer customers a luxurious and durable experience.

Innovation and Imaginative Expression- Miu Miu is a fashion brand that strives to break boundaries and encourage innovation in design. Combining classic and modern elements, they experiment with various materials and techniques, drawing inspiration from different cultures and historical references to produce distinctive and thought-provoking designs.

Aspirational and Exclusive

Brand- Miu Miu is a brand that aims to be exclusive and prestigious. They create limited-edition pieces and collaborate with highly respected designers and fashion houses to maintain their reputation for exclusivity and desirability.

PLACE: Miu Miu has adopted a selective distribution strategy by carefully selecting prestigious and strategic locations for its physical stores. The brand has established flagship stores in major fashion capitals across the globe, including Milan, Paris, New York, and Tokyo, to serve its global customer base. Miu Miu has also partnered with authorized retailers and department stores to broaden its reach and make its products more readily available to customers in various regions. Furthermore, Miu Miu offers an e-commerce platform that enables customers to buy products online, delivering them wherever the consumer desires.

Miu Miu's stores are unique in their approach to embracing innovation. They incorporate technology, personalization, and interactive elements to enhance the shopping experience. Virtual reality, augmented reality, and interactive touchscreens are utilized to allow customers to explore collections and customization options in a digital space (Netguru 2021). Miu Miu also provides personalized services, such as made-to-measure offerings and customized accessories, which cater to personal preferences and create a feel of exclusivity and luxury.

Another element of Miu Miu retail stores is that it is adorned with light blue and gold damask fabric which emphasizes the luxury essence of the store (Retail Design 2019). Further, each product is displayed once, adding to its exclusivity.

Miu Miu Retail Stores

Packaging: Miu Miu places utmost importance on packaging presentation as it reflects the brand's refined taste and meticulousness in every aspect. The materials employed in the packaging, including boxes, shopping bags, and tissue paper, are of top-notch quality and exhibit the brand's emblem, patterns, or signature hues. This packaging elevates the opulent sensation of unboxing and serves as a continuation of the brand's identity and fashion sense. Also, 97% of packaging uses certified or recycled paper (Prada Group 2023).

Promotion: Miu Miu aims to increase brand recognition, interact with their target audience, and showcase their distinct personality and style through promotional strategies. These strategies encompass a range of mediums like traditional and digital media, social media platforms, fashion shows, and events. Miu Miu effectively uses social media to connect with their audience by sharing exclusive behind- the- scenes content and campaign visuals; while interacting with their followers.

Miu Miu is a sponsored account; therefore, it will be displayed to non broadening its outreach. Miu Miu has amassed a following

Emma Chamberlain & Sydney Sweeney @ in Miu Miu Met Gala

People:

The people element refers to the people who help get a product to the people. At the same time, it's who represents the brand, including sales associates, customer service representatives, and brand ambassadors. At Miu Miu, the staff is well-equipped with extensive knowledge and strives to offer excellent customer service. This understanding helps to create a memorable and pleasant shopping experience tailored to every customer's needs.

I believe that the people element of the marketing mix is the key reason why East Asia/Asia Pacific will remain the largest consumer of Miu Miu & the Prada Group. The power of people should not be underestimated, as seen in East Asia/Asia Pacific's continued dominance as their largest consumer. Brand ambassadors are instrumental in influencing the public and drawing in new customers. Miu Miu's recent partnership with K-pop idols and actresses as their brand ambassadors is a testament to this fact. By featuring the most popular Korean idols in their campaigns, Miu Miu can attract their fans as customers, showcasing the brand's ability to stay ahead of the curve. Jang Wonyoung, also known as the "4th Gen It-Girl" in the K-pop industry, has been an ambassador for Miu Miu since 2021. Her influence is evident in the high engagement and likes her campaign posts receive on Miu Miu's Instagram page. In comparison to American ambassadors, Wonyoung's posts garner over 90k likes, whereas Western campaigns with models like Gigi Hadid and Sydney Sweeney struggle to reach 10k likes. Another example of the power of K-pop partnerships can be seen through Prada's collaboration with the Korean boy group ENHYPEN, who have over 13.5 million Instagram followers. This partnership alone brought in $40.4 million in media impact value for Prada (Launchmetrics). Due to the increasing popularity of K-pop and the ongoing trend of featuring idols in Miu Miu's brand representation, it is highly likely that the East Asia/Asia Pacific region will continue to be the top consumer region. Additionally, the K-pop industry will carry its global fanbase with it, increasing Miu Mius' profit and popularity.

The comments say it all

Sales

One of Miu Mius' goals is to foster strong connections with their customers through their stores. Their boutiques are not merely sites for commercial transactions but rather, meticulously designed environments that proffer a fully immersive encounter into the realm of Miu Miu. Through this, they can maintain a consistent positive experience for the customer. Therefore, a step that Miu Miu prioritizes in its sales process is relationship management. Relationship management is a company's engagement strategy to maintain its customer. This helps to increase revenues, profits, and shareholder value through successful marketing activities. To facilitate this, the company must maintain a comprehensive database of customers, along with their relevant information. With this data readily available, customer support becomes a seamless process. When a customer contacts the company with an issue, the representative can easily access all pertinent information, including past purchases, preferences, and any other relevant details that can assist in finding a satisfactory solution.

Through my research, I discovered that Miu Miu employs a system that acts similarly, gathering valuable customer information. This system is their privacy policy/database. According to the Prada Group Privacy Statement, "If you register to the PRADA Group customer database, your Personal Data will be managed by PRADA S.p.A. and shared with all PRADA Group stores globally." This approach enables the company to offer personalized global customer care service and post- sales assistance, which helps enhance the customer experience beyond the physical store. By registering for the Prada Group database, customers gain access to exclusive services and benefits that foster a sense of importance and connection with the brand. Moreover, Miu Miu implements advertising by sending out updates on new contests, promotions, rewards, upcoming events, and other relevant news.

Miu Miu also participates in a personal selling strategy which involves direct personal engagement and communication between the customer and seller. The company offers in- store appointments where a Client Advisor will guide the customer through Miu Miu collections, providing a tailored shopping experience. To achieve this level of customization, Miu Miu conducts extensive market research, utilizing statistical data and surveys to gain a deeper understanding of its customers.

By employing a CRM platform to organize and present customer data, Miu Miu can effectively manage relationships and maximize profits.

Economics

Miu Miu is a distinguished Italian brand specializing in highend women's fashion apparel and accessories. It is a subsidiary of Prada, which is privately owned and managed by Miuccia Prada. The company is based in Milan, Italy, and has a global presence in a competitive free market economy.

Management

The management system of Miu Miu is closely related to that of the Prada Group, using a Corporate Governance Model and a Centralization Organization structure. The company is overseen by the Board of Directors and Executive leadership, who possess the authority to make all routine and exceptional management decisions. While the board constitutes the highest level of management, not all members possess equivalent status. Miuccia Prada, Patrizio Bertelli, and Andrea Guerra are likely to be acknowledged as the top management, given their respective roles as Executive Director, Chairman, and CEO. The other eight members of the board may be classified as middle management since most of them are nonexecutive directors. However, I believe their specific duties can be contingent upon their familial ties and the extent of their ownership as shareholders.

Strategy

Miu Miu & the Prada Group has made a conscious effort to improve its social and environmental sustainability as part of its business strategy. The company has placed sustainability at the forefront of its approach and aims to achieve long - term sustainable growth through investments in people, distribution, technology, manufacturing, and sustainability initiatives.

“Doing business is a social act that implies a real responsibility towards work, workers and the territory.”

The Prada Group employs a combination of social and environmental sustainability tactics, notably purchasing and restoring existing plants instead of constructing new ones. This approach, dubbed "Garden Factories," aims to create a work environment conducive to producing high-quality products while reducing stress. The building designs strike a balance between architecture and nature, aligning with Patrizio Bertelli's vision of ideal working conditions and their impact on employee well-being.

Another strategy of theirs is an intense focus on product quality, craftsmanship, and attention to detail. The brand's approach to product development is anchored on a deep respect for traditional techniques and an earnest dedication to the manufacturing process. Miu Miu's tactic is to employ skilled artisans possessing unparalleled expertise in couture-level sewing, leatherwork, and metalwork, and their meticulous attention to detail is evident in every garment and accessory that bears the brand's name. Resulting in products that are not only beautiful but also built to last. From the hand- sewn buttons to the impeccably aligned patterns and carefully placed embellishments, every finishing touch is executed with precision and care. Miu Miu's commitment to quality is a promise to its customers making it a fundamental aspect of the brand’s value proposition. By prioritizing product quality above all else, the brand has earned the trust of its customers and established itself as a leader in the fashion industry. Whether it's a handbag, a dress, or a pair of shoes, every Miu Miu product is a testament to the brand's commitment to craftsmanship, quality, and excellence.

- PATRIZIO BERTELLI

Operations

Successful businesses prioritize the efficiency and effectiveness of their day- to-day operations. Miu Miu understands this well and leverages its key resources to operate effectively. First, they use a team of skilled fashion designers and creative talent, to create new collections that embody the brand's unique aesthetic. They also collaborate closely with suppliers and material providers to ensure high-quality inputs for their product manufacturing. Miu Miu's raw materials are exclusive and carefully selected, setting them apart from their competitors (differentiation). They utilize luxurious silks, fine leathers, and exquisite embellishments to add a sense of opulence and sophistication to their designs. The clothing is then manufactured in one of the 24 in-house production sites that are owned by the Prada Group, with 21 in Italy and one each in France, Romania, and England. Miu Miu's directly managed production system enforces a strict code of conduct, ensuring all clothing is ethically sourced and produced in a manner that is true to the brand's values. This is a highly effective location strategy that has allowed Miu Miu to successfully deliver on their commitment to quality and sustainability.

After the products are prepared, Prada uses a direct distribution strategy to sell most of its products through its stores. This is a crucial tactic for a luxury brand like Prada, as it allows them to maintain strict control over their brand image throughout the entire sales process.

Additionally, Miu Miu's operations involve both maintenance and TQM (Total Quality Management). Since 2015, Prada has implemented an annual investment plan to upgrade and reorganize their entire manufacturing structure to preserve their artisanal knowledge, support technological advancements in production processes, and improve the work environment's quality. These upgrades ultimately enhance employee productivity and enable the company to meet customer expectations.

Swot analysis

Strengths:

- Strong parent brand: High image, distribution aid, Positive Reputation

- Loyal Customer Base

- High Italian craftsmanship

- Collaborations: use of Idols, Celebrities

- Sustainability Strategy

Weaknesses:

- Potentially too exclusive/ hard to purchase for its Gen Z demographic/generally.

- A few PR disasters (sexualizing a child)

- Competition

Opportunities:

- More Stores

- Tapping into the beauty industry like Dior, Chanel, and YSL

- Collab with more K-Idols (potentially using males)

- Grow its social media channels, it has way less followers than similar brands like Chanel, Dior, Prada

Threats

- Saturated and Competitive Market

- Fast Fashion (creating replicas of designer pieces for a cheaper price)

Conclusion

To sum it up, Miu Miu has made significant contributions to establish its reputation and brand in the fashion world. Throughout its journey, Miuccia Prada's convictions, characteristics, and story have played a significant role in the brand's success. It is admirable and courageous that Miu Miu has been a pioneer, challenging societal norms of femininity and traditional luxury. With the changing gender norms and evolving self-expression, Miu Miu must either maintain its uniqueness or risk drowning in the vast sea of the ever-growing fashion industry. By understanding its history, resonating with its mission, and trusting in its sustainability efforts, I have faith in Miu Miu's continued success.

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