Another luxury global fashion brand will call King Street home within weeks, with Miu Miu to open its Perth store next month.
Miu Miu, a subsidiary of the Prada fashion house aimed at a younger market, has started advertising for workers at the site of the former King Street Cafe.
The group's plans were nearly scuttled last year by a dispute over the heritage-listed building, but that hurdle appears to have been overcome.
The newest addition to Perth's ritziest fashion street comes as a report predicted niche retail, which includes luxury brands as well as plus-size clothing, bridal wear and so-called fast fashion like Zara and Topshop, would outperform growth in the wider retail sector over the next five years.
As well as Miu Miu, both Zara and Topshop will open their doors to Perth shoppers for the first time later this year.
IBISWorld research has forecast 11 per cent annualised revenue growth for affordable on-trend clothing, known colloquially as fast fashion, and 8.5 per cent for luxury retailing until 2019-20. Bridal, maternity, fitness and plus-size clothing sectors are also tipped to perform well.
IBISWorld Australia general manager Daniel Ruthven said retailers faced one of the biggest transformations in the industry's history.
"Fast fashion business models ... are benefiting from our desire for up-to-the-minute and affordable fashion," Mr Ruthven said.
"Luxury retailing has been buoyed by Australia's relatively stable economy, high disposable incomes and increasingly discerning consumers."
Wealthy international visitors also provided incentives for luxury stores to increase their floor space.
Fast fashion's affordable on-trend clothing has ensured it remains a strong performer, and the trend is expected to continue with revenue of nearly $2.2 billion. The luxury sector is forecast to reach nearly $2.4 billion by the end of the decade.
Australians had developed a taste for luxury leather goods and accessories and enjoyed splurging on items like statement handbags, IBISWorld business information analysts said.
"Increasing wealth as a result of the resources boom has allowed many middle-class Australians to invest in a premium product that is long-lasting, high quality and branded," Mr Ruthven said.
While multinational luxury designers had achieved prominence, the failure of some of their domestic counterparts illustrated the challenges of keeping pace with fashion-conscious consumers.
King Street has been both lauded and praised for its growing collection of big glamour brands, among them Louis Vuitton, Chanel and Prada. Fans say the brands' presence shows Perth has arrived, while critics mourn the loss of boutique retailers such as Wheels & Dollbaby and Ruth Tarvydas.
pSquared Communications managing director Stephanie Patniotis is a big fan of West Australian designers, but also enjoys luxury items from high-end international stores.
Ms Patniotis said WA designers would always have her support, but she enjoyed being able to splurge on luxury fashion items to mark a special occasion.
Gucci, Louis Vuitton and Burberry are among Ms Patniotis' favourite designer labels, and one of the most expensive items in her wardrobe is a $5000 Louis Vuitton handbag.
"I work hard and I like being able to treat myself to particular standout items," she said.
"I'm definitely not the most fashion-loving person in Perth, but I enjoy it and I love to swipe my card."
Ms Patniotis said she was definitely not a "label hunter". Her decision to splash out on items from the world's best fashion houses was based on an appreciation for quality and attention to detail.
"I'm not the kind of person to say, 'I only dress in Burberry and I only have a Louis Vuitton handbag'," she said.
"If I see something I'll buy it, whether or not that's a $500 dress from a WA designer or a $5000 dress from somewhere else.
"I like to dress local as much as I can from a clothing perspective and I'm a big fan of Morrison and Ellery and Steph Audino.
"I'm the kind of person who doesn't chase labels – I like particular designers because of their aesthetics."