‘World’s hottest brand’: how Miu Miu defied sales plunge in fashion industry

Sydney Sweeney, left, and tennis star Coco Gauff wearing Miu Miu at last week’s Oscars, while Willem Dafoe walks the catwalk for the label’s spring-summer collection. Photogaphs by PA and Rex/Shutterstock Composite: PA and Rex/Shutterstock

While profits fall across the luxury fashion industry, Miu Miu, the kooky Italian label, is posting record-breaking sales figures.

For a global industry worth almost £1.5tn, fashion is having a bruising time. Last month London fashion week had such a small number of catwalk shows it shrank to a weekend. Many of the biggest fashion houses are between designers, and even super-conglomerate LVMH – which includes Dior, Fendi, Louis Vuitton and most of the drinks brands in your cocktail cabinet – lost a fifth of its profits last year.