Miu Miu's big moves By Michelle Tay
Publisher:The Straits Times - Publication Date: 31-01-2008

Against a video backdrop of ballerinas, French maids and Playboy bunnies, models in ultra-short clothes stride out onto the stage of the Wynn Macau hotel's red velvet-lined theatre.

Hong Kong celebrities, like showbiz personality Rosamund Kwan and songbird Sammi Cheng, and socialites - all clad in, what else, Miu Miu - as well as members of the press from all over Asia watched as Miu Miu's first-ever runway show in Asia unfolds before them.

The parade of flouncing hems and clown-striped trousers is capped with a topless cabaret performance by Crazy Horse Paris, specially flown in from the City of Love for the event.

These were the scenes wowing Life! last Saturday as it watched the Italian fashion label's foray into the casino capital of Asia - and its growth across Asia, starting with Singapore.

Miu Miu, best known by Singaporeans for trendy It bags - like the Coffer - and edgy-but-feminine clothes, will be one of the first luxury brands to set up a glassy double-storey flagship - or two - in the next year along a revitalised Orchard Road.

And its stores won't be far off from those of Italian fashion house Prada, which owns the label and also plans to have two double-storey flagships in Singapore's main shopping street.

Signalling Miu Miu's new break-out role is the price tag for the Macau event: a "seven-figure Euro sum", according to a spokesman for Prada's Singapore operations.

Speaking to Life! in Macau before the show, Tomaso Galli, Prada's group communications and external relations director, said Miu Miu chose to stage a show here because "the Asia Pacific is in fact the region which is developing the fastest within the Prada group".

Indeed, Hong Kong is Miu Miu's single largest market in terms of sales, said Galli, beating even luxury-crazy Japan or home country Italy.

Singapore may not be far behind. According to Sebastian Suhl, CEO of Prada Asia Pacific, it is "an under-developed market for us as well, even though it's a large market".

Suhl indicated that Miu Miu may take up a double-storey retail space in Paragon Shopping Centre when the mall completes its S$45-million (US$31.7 million) facelift, as well as set up shop in the upcoming integrated resorts.

It currently has a single-storey store in Paragon but, according to Suhl, the current location in Singapore "does not represent our strategy, but that's something our partners at Paragon are working very well with us on... and they're going to help us fix that very quickly".

That strategy is one in which Miu Miu rolls out a number of stores across Singapore and the rest of the Asia Pacific.

On plans by both Prada and Miu Miu to have four stores near each other here, he said: "We don't believe, and I don't think any of our major competitors believe, they will cannibalise each other. Singapore is wealthy and large enough to handle this."

Miu Miu isn't just rapidly expanding in Singapore. It's slated to pop up like daisies all over the world.

The brand, launched in 1993, was for a while perceived by the fashion industry to be a diffusion line of Prada.

Design-wise, Miu Miu has always been a trendier brand, with an edgier and at times more provocative and sensual attitude than Prada's. It also boasts a hip celebrity quotient, having had Lindsay Lohan, Laetitia Casta and, currently, Kirsten Dunst front its advertising campaigns.

Today, it is no longer merely Prada's little sister. Miu Miu's turnover more than doubled from 100 million euros (US$148 million) in 2004 to 215 million euros last year. It is growing even faster than Prada, whose global turnover was 1.04 billion euros in 2004 and forecast to hit 1.3 billion euros for last year.

Quashing notions of Miu Miu being a junior brand, Galli said: "Prada and Miu Miu are two luxury brands, and each brand stands on its own feet. They have separate organisations internally and they're managed by separate teams.

"As a name, Miu Miu has nothing to do with Prada. Few people in fashion know that Miu Miu is a nickname for Miuccia Prada (who designs both labels). They're two completely different universes with different points of reference.'

Asia is now the world's biggest market for luxury goods, accounting for 37 per cent of the estimated US$80-billion sector. So it's no surprise that international luxury giants are shifting their focus from boutiques in Paris and London to the massive malls of Asia.

Outlining Miu Miu's Asia-Pacific expansion plans, Suhl said the group is looking at multiple openings across Singapore, Hong Kong, Macau, China and Korea. It also plans to open in stores in Hawaii and Australia. "We want the best of the best in a variety of cities," he said.

Last month, Prada said it will launch an initial public offering (IPO) in Italy later this year, subject to market conditions.

The IPO would value Prada at 4 billion euros to 5 billion euros, and 30 to 40 per cent of the group is expected to be offered to the public.

And no doubt, it would help fund expansion plans for both Prada and Miu Miu all over the world.

Indeed, Galli said the Prada brand has the opportunity to grow in emerging markets such as India, Mexico, Brazil, Barcelona, Athens and Istanbul where it currently has no stores. It also wants to "grow tremendously in China, even though we have a very strong presence there already".

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OMG I love those boots. I bet superlover would too! OH god i have to go shopping.