The house of Prada lowers its prices

30 August 2016

Any Prada-aficionado or bag-aholic knows that Prada has always been about bags. Even before it was a mega-brand and the iconic Prada Saffiano bag, Prada was a leather goods and luggage company. Bags are the core business of the brand, but the Italian fashion house has been less succesfull in this department the last few years, and will change their strategy. Luckily, it's in our favour!

Design your own Prada piece
Fashion analysts state that a bag can be a good indicator for the success of the brand, so they watch developments closely. Back in February, Prada revealed the Fall/Winter 2016 collection, filled with signature Prada bags and small clutches that can be customized with personalized straps. Prada seemed to put personalisation up front, instead of their usual focus on functionality. For an extra sum, you can now create your very own Prada piece, something we're very enthusiastic about.

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Every Prada bag comes in 29 different version
The collection of accessories duplicated in comparison with 2014, which is quite a big change. There are more colours, materials and style options to choose from, so you can create your own nearly unique bag. With that, the Italian label has created the biggest collection in bags on the market, an average Prada bag comes in 29 different versions. This in contrast to other brands like Burberry or Louis Vuitton, which only offer 11 different styles. 

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The price for your average Prada bag will drop!
In April of 2015, Prada announced to have reached their lowest profit in five years, on top of two years of poor financial results. This due to the stagnation in the luxury market in Asia and the low amount of spending by Western consumers. To increase the turnover of the brand, the price of the accessories has been lowered step by step. Analysts proclaim that Prada has already increased their profit by 18%, because of price lowering in their online shop. The combination of lowering prices and the diversion in the collection, is a strategy that worked for other house too, such as Gucci or Versace.