Innovation and uncompromised quality have historically driven brand success for Prada. These continue to be invaluable assets as customers’ awareness, both in established and new markets, increases together with their quest for excellence.
In the face of current market challenges, the luxury fashion house has taken time to regroup and refocus. It’s prioritizing same-store sales—therefore delaying some of the new openings scheduled for 2015 and 2016—and strengthening its retail operations, while rationalizing its wholesale network. Prada’s current strategy also foresees the optimization of new product flow and mix in stores, as well as an enhanced focus on customer care and a strong push on product innovation.
Innovation also applies to the communication of the brand’s strong identity. Prada has prioritized projects which, every year, strengthen awareness and convey the brand’s DNA, vision, and history. The Pradasphere exhibition, for example, immerses visitors in an aesthetic history of the brand, while the Iconoclasts series presents interpretations of Prada collections by celebrated costume designers, such as Academy laureate Milena Canonero, who created enchanting scenes for store windows in Paris this year. The Postman Dreams, a series of unconventional short movies by American director Autumn de Wilde, “stars” Prada’s popular Galleria Bag. All of these bold initiatives are part of Prada’s broad and ever-evolving design.
While unconnected to the business, the recent opening of the Rem Koolhaas-designed Fondazione Prada in Milan also highly contributed to brand awareness. The 19,000-square-meter exhibition space attracted visitors from all over the world and added an internationally recognized asset to the city.
Prada enjoys the luxury of a long-standing and resilient brand, rooted in a history of sophistication and elegance. While 2014 represented a year of pause in its trajectory—with a flat growth in sales and a decline in profits—market specialists have predicted a recovery based on Prada’s shift in strategy. Emphasizing quality and innovation, Prada continues to create not only unique pieces, but also exceptional experiences.