Miu Miu Sales Climb 82% in Q4 2023 and Matchesfashion Shutters in This Week's Top Fashion News
Stay up to date on the latest industry headlines.
This week, fashion’s biggest headlines covered financial reports, campaigns, store openings and ambassadorships.
Among the most notable, the Prada Group dropped off an outstanding full-year sales report for 2023, revealing sales at Miu Miu skyrocketed by 82% in the fourth quarter of last year. The Frasers Group announced that it was shuttering the luxury e-tailer Matchesfashion, amidst restructuring, and the U.K. Advertising Standards Authority revoked its ban on FKA Twigs’ Calvin Klein ad.
Meanwhile, Arc’Teryx opened its largest European storefront in London; Louis Vuitton signed French national rugby captain Antoine Dupont as a House Ambassador, and Phoebe Philo returned with her second edit.
Below, Hypebeast has rounded up the top fashion stories of the week so you can stay up to date on trends in the industry.
Prada Group Reported Outstanding Performance in 2023
Vogue Runway
Prada Group on Thursday shared its full-year financial report for 2023, revealing positive growth across divisions and regions.
In the 12 months ending December 31, the company saw revenues climb by 13% to reach €4.72 billion EUR, while its net profits increased by 44.3%, tallying to €671 million EUR. The group’s retail sales amounted to €4.2 billion EUR, up 12% from the year prior; and in the fourth quarter, retail sales increased by 17%, surpassing analysts’ expectations of 14% growth.
At Prada, retail sales were up by 12% when compared to 2022, with a 10% increase in Q4. Miu Miu, meanwhile, saw sales climb by 58% across the year, accounting for an astronomical 82% leap in the fourth quarter.
See the full report here.
Frasers Group Shuttered Matchesfashion
Stefanie Keenan/Getty Images
Frasers Group has opted to shutter the luxury e-commerce retailer MATCHESFASHION. The company acquired the e-tailer for $66.6 million USD just two months ago, according to Business of Fashion.
“Whilst Matches’ management team has tried to find a way to stabilise the business, it has become clear that too much change would be required to restructure it, and the continued funding requirements would be far in excess of amounts that the Group considers to be viable,” the Frasers Group said in a statement.
“In light of this, Frasers has been informed that the directors of Matches have taken the decision to put the Matches group into administration. Frasers remains committed to the luxury market and its brand partners.”
The UK Ban on Calvin Klein’s FKA Twigs Ad Was Revoked
Calvin Klein
The UK’s Advertising Standards Authority (ASA) has revoked its ban on FKA Twigs’ Calvin Klein campaign, following heavy public criticism.
The ASA previously banned the images, which picture the artist half-naked with the brand’s denim shirt covering parts of her body, stating that the “image’s composition placed viewers’ focus on the model’s body rather than on the clothing being advertised.”
Citing the “strength of public feeling,” the ASA has changed its stance on the campaign, revoking its former statement as “the image was not sexually explicit, that the ad presented FKA twigs as confident and in control and, therefore, that she had not been objectified.”
Arc’Teryx Opened Its Largest European Storefront
Arc’teryx
Arc’Teryx has touched down in London, opening its largest European flagship store on the pebbled streets of Covent Garden. The Canadian brand is a premium gorpcore purveyor, and its 733-square-meter storefront is filled with its high-performance fashions, spanning climbing to snow and trail gear.
The massive space is Arc’Teryx’s third shopping destination in London, following locations in Piccadilly and Battersea Power Station. Notably, the new location will house Europe’s first ReBIRD™ Service Centre, which will welcome customers for repair and care services on their Arc’Teryx garments.
Arc’teryx’s new store is located at 41/42 King Street, Covent Garden, WC2E 8JS.
Louis Vuitton Named French Rugby Captain Antoine Dupont as House Ambassador
Louis Vuitton
As the 2024 Paris Olympic and Paralympic Games approach, Louis Vuitton has named Antoine Dupont, the caption of the French national rugby team, its latest House Ambassador.
At 27, Dupont is gearing up to play on France’s Olympic rugby team this summer. The athlete, who is widely known as one of the most accomplished rugby players in his generation, also plays as a scrum-half for Top 14 club Toulouse. To date, Dupont has won the sought-after Six Nations Player of the Championships three times.
Louis Vuitton stated that it was struck by Dupont’s innovative approach to the sport and his dedication to expert sportsmanship. In Paris, Dupont will be competing for his first Olympic medal.
Phoebe Philo Dropped Her Second Edit
Phoebe Philo
After a sell-out debut, Phoebe Philo quietly returned to drop off her second edit under her eponymous label. Building on its predecessor, this latest lineup saw the prolific “Old Celine” designer put forth a mature, womanly manifesto across ready-to-wear, footwear and accessories.
The line experiments with proportions, setting a dropped-waist leather jacket in a dark berry tone against an ultra-cropped bomber in a mastic hue. Oversized trousers, doused in “salt and pepper” colors, house strong centerfolds that run high above the waist, and upright collared shirts button tight at the neck with raised collars.
Double-breasted Milanese jackets flaunt the designer’s crisp tailoring expertise, and hand-combed embroidered trousers are pure fun, with glossy black viscose twill. Coats, made with the same textile play, see Philo expand her tonal rolodex in a bright “candy floss” hue, while dropped-waist vests embrace utilitarianism with several multi-purpose pockets. Notably, the former ensemble’s price is only available upon request.
Learn more about the second edit here.
