Prada: An Italian Luxury Fashion House

Prada is an Italian luxury fashion house, specializing in leather handbags, travel accessories, shoes, ready-to-wear, perfumes and other fashion accessories founded in 1913 by Mario Prada, Miuccia Prada's grandfather, in Milan. Located in the prestigious Galleria Vittorio Emanuele II, Prada was an exclusive, stylish store selling luggage, accessories and luxury goods, in fine materials and of sophisticated workmanship. The Milan store quickly became a firm favourite with the Italian aristocracy and the most sophisticated members of the European elite. Prada has gone on to open boutiques in dozens of cities and countries across the globe. Their shoes for men and women have become a staple for fashion enthusiasts and celebrities alike, and those extraordinary handbags are still wildly popular. The distinct silver Prada triangle is a status symbol all over Europe and North America. The motivating force in Prada's aesthetic is reinvention. The house's strangely beautiful collections are wearable and intelligent, influenced largely by the sartorial conventions of bourgeois Milan. Luxury brands had come to truly appreciate social media’s ability to reach its customers, Brands are designing and building experiences that their consumer desires. Prada is using social media sites in the most effective way to drive customers to their stores, having 13 million followers on Instagram. Many think that only giant companies require advertising agencies but these days even small businesses need their help to develop and publish an effective and attractive social media strategy with correct content using the precise social media methods.

 

Prada's Marketing Strategy and Net Worth

Prada brand represents the best of Italian culture and tradition, sophisticated style and uncompromising quality, and as one of the most innovative fashion brands it is capable of re-defining "the norm" and setting new trends. Prada also captured the attention of literary and cinematic audiences when the novel "The Devil Wears Prada" was first published in 2003, and then was made into a movie in 2006. As can be seen in many of our recent marketing analyses, several brands belonging to both the luxury segment as well the premium are making the efforts to reposition and reset the values of their brand assets. In case of Prada, it is opening up its own retail boutiques in several countries around the world, and it is re-setting its values for craftsmanship and unique technical expertise. In other words, it is taking control over all its operations. New retail stores directly managed by the brand means better control over its retail expansion, perceived values as well as trained staff and grip over the type of customer base for the brand. Prada's net worth is $11.4 billion.