The Recession is Real: Miu Miu Shuts Down Madison Avenue Boutique
Filed under: News
Miu Miu, the hipper and younger sister of Prada, may have just snagged Xenu-loving Katie Holmes and a bevy of rising top models to front its spring '09 ad campaign but that doesn't mean that they're not struggling as the stock markets continue to go awry each week.While the popular Milan-based company celebrated the opening of its new store on on 57th Street between Fifth and Madison Avenue, Miu Miu was simultaneously closing its New York flagship at located at 831 Madison Avenue between 69th and 70th Streets. Indeed, the company even removed the store listing from its website. Le sigh.
[via Fashion Week Daily]
Bill 12-22-2008 @ 3:08PM
Sorry, but this move doesn't seem to be recession related at all to me. From my reading of the original article it appears that Miu Miu is simply shifting locations. Also, the article states that this new store is their flagship; while the other was merely a boutique.
I would imagine they did so because the new location offers something the old one didn't - like more space, better visibility, more foot traffic and, perhaps, a more prestigious address.
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