Industry
Fashion
Date
What lies behind the brand’s strategy, and how is it optimizing positioning?
Following its initial recognition in 2022, Miu Miu secured the title of the hottest brand of 2023 by the Lyst "Year in Fashion" ranking, fueled by the enduring popularity of its satin ballet flats and pleated miniskirts, positioning the brand as the ultimate trendsetter. This begs the question of how is Miu Miu optimizing its retail strategy?
Dive in to discover how brands are using AI market intelligence to stay ahead of competitors' strategies.
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Leather goods have become the cornerstone of luxury craftsmanship, making up a significant portion of high-end brands’ assortment.
Retviews’ data on luxury brands’ assortment structures showcases how and where different brands allocate their product mix. Based on the AI, Miu Miu focuses a larger portion of its assortment on ready-to-wear, setting it apart from competitors and cementing its strength in defining fashion trends. Miu Miu currently holds the largest selection of tops among leading luxury brands, standing at 18% of their entire assortment.
AI-powered market insights
AI-powered market insights are key in quickly and efficiently identifying how market leaders are structuring their collections and spotting opportunities to capitalize on emerging trends and solidify their market position.
The pricing dynamics for ready-to-wear items differ from those of leather goods. Therefore, examining how Miu Miu positions its prices compared to other luxury players is crucial to pinpoint opportunities for growth in pricing, considering its ready-to-wear prominence.
As shown by Retviews’ data, most luxury brands have priced the bulk of their ready-to-wear collections between 1 000€ and 2 000€.
Gucci, however, stands on the lower end of the pricing spectrum, with nearly 50% of its ready-to-wear selection priced under 1 000€. Could Miu Miu’s current trendsetting status present an opportunity for the brand to hike prices up?
brand pricing structure
AI-powered market intelligence is a key element in highlighting opportunities for growth within a brand’s pricing strategy.
Using AI-driven data has proven to be instrumental in decoding a brand’s strategy behind iconic pieces and staying ahead of the curve.
In 2023, Miu Miu’s cardigan emerged as a standout item, aligning with the fall/winter trend of wearable fashion, as well as Miu Miu’s academia-inspired aesthetic.
Retviews’ data reveals consistent price increases among luxury brands Gucci, Prada and Miu Miu, for their cashmere cardigans, Gucci's exhibiting a 13% price hike whereas sister brands Prada and MiuMiu stay at a 4% increase. Retviews' detailed product data also shows that Miu Miu’s rendition of the everyday piece, was released in multiple colorways, of which the crimson red shade that has been taking the fashion industry by storm, further reinforcing the item’s popularity.
Staying ahead of the curve in luxury, requires a strategic alignment of pricing and product strategies, facilitated by real-time insights into market dynamics and competitor strategies. The luxury market has exhibited a shift in the prominence of footwear categories.
While sneakers have experienced a decline in popularity, there has been a significant uptick in the presence of ballet flats in brand assortments, increasing by 50%. Additionally, loafers have exhibited a 10% rise in assortments.
shifting product mix
Monitoring shifting trends provides brands with insights on the evolving luxury landscape and allows them to adapt and prioritize accordingly, ensuring they remain competitive. Market intelligence therefore comes in as a crucial tool for identifying growth opportunities.
Miu Miu has made headlines with its satin elastic strap ballet flats. Retviews’ detailed product insights showcase the variety of editions launched following the satin ballerinas. Miu Miu later released leather, corduroy and most recently suede editions of its popular shoe, all following the same pricing structure.
diversification of iconic pieces
Leveraging automated market intelligence provides crucial insights into how competitors are diversifying their iconic pieces.
Using Retviews’ data showcases the shift in price positioning for all three high-end brands: currently both GUCCI and Miu Miu pricing their iconic ballerinas at 750€.
Retviews data indicates that GUCCI exhibited wider price hikes in 2023, rising from 690€ to 750€, reaching its current price in September 2023. Miu Miu followed suit, adjusting its price on iconic ballerinas to 750€ in December 2023, aligning with the market.
real-time price increase alerts
Retviews’ data allows you to view these price increases in real-time, with historical data on each product, allowing you to optimize your own product’s pricing structure at the ideal time.
Retviews’ data, which provides an in-depth look at how brands are timing their new collection additions, highlights Miu Miu’s comparatively slower rate of new item introductions, distinguishing it from competitors. While brands like Bottega Veneta and Prada occasionally decrease the number new additions, Louis Vuitton and Gucci consistently introduce new items.
Miu Miu maintains a lower rate of new additions each month, with the highest number added in August, just ahead of the fall and winter season.
timing new product releases
Using AI in market intelligence is key in identifying the frequency of new collections in the market, and tracking in real time, the rate at which different brands launch new pieces.
By leveraging cutting-edge analytics and real-time data insights, fashion brands can strategically optimize their product mix, price positioning, and omnichannel strategy to stay ahead of the competition. Retviews’ AI market intelligence provides a comprehensive, tailor-made toolkit for brands navigating the fashion landscape, empowering you to better identify emerging trends, assess competitors’ strategies and make informed decisions.
Retviews comes in as a vital partner in unlocking the full potential for brands worldwide, ushering in a new era of strategic agility and competitive advantage with real-time insights on each brand’s specific competitive landscape. Book a session with our fashion experts to see how your brand can best leverage AI market intelligence.
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