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brand profile
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brand identity
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4ps
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reports
swot
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stp
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contents of
prada
19 13
Brand Profile 1913 - 1919
Fratelli Prada Dated back to the beginning of the last century
The Prada brand dated back to the beginning of the last century: In 1913, Mario Prada opened an exclusive store in the Galleria Vittorio Emanuele II, Milan, selling handbags, travel trunks, beauty cases, tasteful accessories, jewelry and other luxury items. Thanks to the innovative design of its goods, created using fine materials and sophisticated techniques. Prada rapidly became a favorite of the aristocracy and the most stylish members of the hautebourgeoisie in Europe.
In 1919 Prada became an official supplier to the Italian royal family; since then Prada has been able to display the House of Savoy coat of arms and knotted rope design in its trademark logo. Over the years, the Prada name gained ever greater renown and prestige.
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Brand Profile 1970 - 1977
Miuccia Prada Cooperation with Patrizio Bertelli
The turning point for the Group came at the end of the 1970s when Miuccia Prada, Mario Prada’s granddaughter, partnered with Tuscan entrepreneur Patrizio Bertelli to combine creativity with business acumen and lay the foundations for the ensuing international expansion. Patrizio Bertelli broke new ground in the luxury goods sector by introducing a business model based on direct, internal control over all processes and applying strict quality criteria to the entire production cycle. Miuccia Prada’s creative talent attracted international attention
In 1977 Patrizio Bertelli founded IPI spa, where he concentrated the production resource, he had built up over ten years in the leather goods industry. In the same year, IPI spa obtained a license from Miuccia Prada for the exclusive production and distribution of Prada brand leather goods. In the following years, the family businesses gradually merged into a single Group.
19 83
Brand Profile 1983 - 1988
Via della Spiga The first clothing collection was launched
In 1983 the Prada family opened a second store in prestigious Via della Spiga in Milan, one of Europe’s key shopping destinations. The store showcased the new brand image by pairing traditional elements with modern, innovative architecture, thereby revolutionizing and setting a new standard for luxury retail. In response to the growing appreciation of Prada products, the leather goods range was expanded to include the first women’s footwear collection in 1979.
The first clothing collection was launched in Milan in 1988. At the same time the internationalization process began, with the first store openings in New York and Madrid, followed by London, Paris and Tokyo.
19 93
Brand Profile 1993 - 1999
M i u M i u & Church's Establishment of new brands
In 1993 Prada made its debut in menswear with its first men’s clothing and footwear collection. That same year, Miuccia Prada’s creative inspiration led to the establishment of a new brand, Miu Miu, conceived for sophisticated, stylish women who love to stay ahead of fashion trends. Miu Miu now creates women’s ready-to-wear apparel, handbags, accessories, footwear, eyewear and fragrances, and accounts for a significant share of the Group’s sales.
In 1993 Miuccia Prada and Patrizio Bertelli created “Milano Prada Arte”, which subsequently became “Fondazione Prada”, to pursue their interests and passions in the world of art and culture.
In 1997 Patrizio Bertelli organized the Prada Challenge sailing team to compete for the 2000 America’s Cup and in the same year Prada launched its leisurewear range featuring the “Linea Rossa” (red line).
In 1999, the Prada Group acquired the classic brand Church’s, founded in 1873 in Northampton, England. The brand, specialized in highend handcrafted footwear, is a universally recognized symbol of British tradition and sophisticated elegance.
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Brand Profile 2001 - 2011
Prada Epicenter & Cooperation
In 2001, the Prada “Epicenter” store, designed by Rem Koolhaas, was opened on Broadway in New York City. This was the first store of the Epicenters project, whose purpose was to redefine the shopping concept and try out inventive ways to interact with customers. A second Epicenter store was opened in Aoyama, Tokyo, followed by a third one on Rodeo Drive, Beverly Hills, in 2004. During the same year, Prada acquired control of Car Shoe, a classic Italian brand renowned for its exclusive driving moccasins.
In 2003, Prada entered into a licensing agreement, renewed in 2012, with Italian eyewear manufacturer Luxottica, a global leader in the eyewear industry. The Luxottica Group currently produces and distributes eyewear under the Prada and Miu Miu brands.
Also in 2003 the Group partnered with Spanish cosmetics manufacturer Puig Beauty & Fashion Group, launching the first fragrance, Amber, at the end of 2004. In 2006, Miu Miu moved its fashion show venue to Paris to better represent its brand identity. The Prada phone by LG, the world’s first touch screen cellphone, made its debut in March 2007. The LG/Prada partnership achieved further success with new releases in 2008 and 2011. On June 24, 2011, Prada was successfully listed on the Main Board of the Hong Kong Stock Exchange.
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Brand Profile 2014 - 2018
Recent developments
In March 2014, PRADA Spa entered the food industry by acquiring control of Angelo Marchesi srl, owner of the historical Milanese patisserie founded in 1824. In 2015 the Prada Group and Coty Inc. introduced the first Miu Miu fragrance. In September of that year the Marchesi brand was developed on the market with the opening of a patisserie in via Montenapoleone, Milan.
In 2016 featured extensive industrial investments, leading to the inauguration of a new leather goods factory and the renovation of five factories in Tuscany and Umbria. In addition, the first construction phase of the new logistics hub for finished products was completed in Tuscany.
In 2017, a restyling plan for Prada and Miu Miu stores was coupled with and a broad program of pop-up events was launched to further support retail activities. Also in 2017, the Prada Group was admitted to the Cooperative Compliance Tax Regime introduced with Italian Law Decree 128 of 2015. In 2018 the Group added to its customary Milan and Paris fashion shows two important events to present precollections: Miu Miu Croisière at the Hotel Regina in Paris and the Prada Resort at the Piano Factory, where the Group’s offices are located in Manhattan; the latter was also broadcast live on Times Square’s big screens. Also in 2018, Prada officially began its adventure as Title and Presenting Sponsor of the 36th edition of America’s Cup and Main Sponsor of the Luna Rossa team, Challenger of Record for the prestigious competition.
brand id
For Prada's inspiration and Shape,the most characteristic feature of the wordmark is probably the font. The letter “R” has a distinctive line due to which it is immediately recognizable. Also, the letters “A” has unique shape at the top. And color,the choice of color emphasizes the idea of minimalism and refinement.
Whatever shape the standard Prada logo has had, it has always used only one color, black, against the white background. Their fonts, If you take a look at the earliest Prada emblem you will notice that the typeface has not changed. The current wordmark features the same custom serif allcap font as the logo introduced in 1919.
goal
design
For Prada, both the experience and art are lacking the presence in communication of the brand to costumers. In order to develop the statement, the brand’s image is likely to be reinforced for those two factors and consequently strengthen the brand’s image towards the potential customers’ minds.
Prada Safiano (Lux) Leather
One of Prada’s most popular and historic leathers This gorgeous leather is made specifically of Calf leather with a uniquely designed diagonal pattern. In fact, this diagonal design is so unique and specially made it has been patented by Prada. Made with heat-stamped synthetic grain, Prada Safiano Leather is incredibly durable and resistant to almost anything- including water- making it the go-to choose for everyday bags. Women love the elegant style of this particular leather, but they love its resistance even more.
dentity design Vela Backpack
Constructed from smooth wipeclean black nylon, this robot studded Prada backpack is presented as part of the label's new season collection. Fashioned with black and silver saffiano leather trims, this Prada backpack features an abundance of internal and external storage, making it the ideal choice for chic everyday wear. Securing with a buckle fastening fold-over top and drawstring closure, this charming backpack is lined with Prada's distinctive logo print lining and benefits from subtly lustrous silver-tone hardware and lightning bolt and star patch details.
design Nylon Shoulder Bag
In classic black, this bag sports multiple pockets so you can tidily separate your essentials. Secured with safety buckle clasps, your belongings will stay secured. Featuring a fold over top,
a front zip fastening, an internal zipped pocket, an internal logo patch, a back zip pocket and an adjustable shoulder strap.
OUR
brand OF
Reson sophisticated style,
Judgements "fearless" design
Performance craftmanship, innovation materials,
Salien Italy style, heritage, and i
R
equity OF
nance , innovation,quality
nce nnovative for brand
Feelings forefront of style, idealistic, sexy
Imagery Miuccia Prada& Prada family,
brand wheel Brand attributes Prada products have been always presented and interpreted as works of art. It has also become a recognized symbol of elegance, the very essence of fashion. Brand benefits Premium price bags, ready to wear and accessories for daily use, with superior functionality and quality. Those products and have enduring value. Brand values About 9.4 billion of business in 25 countries in the world, one of the successful global brands in the luxury fashion industry. Brand personality Way of the expression of their elegance, creativity, individuality and memorable shopping experience. Consumers feel chic,
successful and they demonstrate their importance.
brand identity prism
SWOT Strengths 100 years history High end craftmanship Minimal fashion trend Good at making bags now reaching to all items Many production units across the globe
Weaknesses Customers having stereotype of Prada only makes bag RTW line is still weak compare to others brand
Opportunities More approachable products and reaching to younger generations
Threats Reliable qualities are not enough having to more focus on newish design Eurozone financial crisis
stp
Affluent customer Sexual: Male 60% Female40% Age: 18-28 Income: 30000-45000 NT Marital status: unmarried Education: college above Occupation: office Lifestyle: people who are concern about their appearance They follow the trend Intellectualists Sexual: Male 50% Female40% Age: 30-45 Income: up to 100000 NT Marital status: married Education: college above Occupation: abroad Lifestyle: people who like the quality of products They know what they want / they are willing to pay more for organic food
Demographic Segmentation Prada is a luxury clothing brand so they can segment their total market based on male and female and add different product line variety in the segment. Based on different age groups Prada mostly should target the professional people who can afford all kinds of luxury goods for matching their lifestyle. The age group starts from 30-55years. They also target some elite class teenagers and rich people of UK aged around 14-65years. Income is a very important factor for buying luxury cloths. They hey earning customers of Prada need to earn and habituated to spend a huge amount of money. Otherwise, the group will not be profitable for the business (Diaconu and Cerceloiu, 2017).
Psychographic Segmentation Social class The UK market for luxury clothing should be divided based on the elite and rich class people. Prada need to create a niche for fixing their segment and they should only focus on the people who really spend a huge amount of money on their attire and cloths. This is only possible if they target based on the social class of the UK market (Iacobucci, 2018).
Lifestyle Prada’s designer clothing are very unique and high quality. They design their products for fashion-conscious, classy and quality with unique taste lover people. Sp Prada designs their products in such a way which will only attract those people who love different things and ready to pay for it. So many celebrities, players, fashion bloggers, icons and business tycoons are interested in Prada’s product.
Geographic Segmentation Prada has physical stores in USA, Canada and most of the European countries. In these countries, all the elite and high-class people are more in numbers and they buy are lots of luxury products. Prada should also target different regions of elite class people with their online services.
Behavioral Segmentation Behavioral segmentation can be decided based on the loyalty towards the brand, usage rate, customer’s response, etc. to determine the pattern of the segmentation. As Prada has already created a brand image and permanent brand value in people’s mind it is easier for them to target similar kinds of people towards their brand (Iacobucci, 2018). Most of their customers feel connected to their brand and products for their excellent service with premium quality assurance.
4PS
Prada is known for its sophisticated, luxury products available for men and women in all target segments. They have a wide range of high end ready to wear clothes, leather goods, eye wear, fragrances, home products, footwear, watches and clothing for both men and women, which for the marketing mix product strategy. Prada has an exclusive jewelry, cosmetics and handbags sector for women. They even have children’s clothing line and Miu Miu line of products for younger segment. Prada provides a sports and lifestyle line under the Linea Rossi brand. Recently they have entered into the mobile phone sector with LG Electronics resulting into three phones namely LG Prada, LG Prada II and LG Prada 3.0. They introduced a watch Prada Link compatible with LG Prada II phone however, production of watches was suspended in 2012. The perfume sector has ranges namely La Femme Prada, L’Homme Prada, Olfactories and Les Infusions under inconic scents, Prada Candy and Prada Amber for women, Prada Luna Rossa for men and Amber Pour Homme all under the Puig brand.
Prada has a premium pricing in its marketing mix strategy owing to their luxurious line of products. As they have a high brand value and quality they can charge a high price as customers won’t be hesitant to buy these expensive products. Prada bags have varying prices from $300-$3000, Clothing from $200-$2000, Shoes from $300-$700, Sunglasses from $200-$300, Fragrance from $50-$200, Skin Care from $50-$200, Accessories like gloves, caps, belts from $200-$400, etc. The prices vary accordingly based on the country. Prada prices are much higher compared to Gucci and Louis Vuitton yet they have maintained high market share.
4PS
Prada ensures its brand presence matches the essence of the brand. Prada has hired renowned and internationally acclaimed architects Rem Koolhaas and Herzog & de Meuron to design their flagship stores called “Prada Epicentres� at various locations. These stores were designed to give customers a unique Prada experience. The first epicenter was opened on Broadway in New York and is the most successful of all contemporary stores globally. They also have flagship stores at Australia, Indonesia, India, Canada, Austria, U.K, Germany, Hong Kong, South East Asia, Russia, Europe, U.A.E and U.S.A. They have their products available at various boutiques in malls, megastores and multipurpose buildings all over the world. They opened the largest boutique at Mall of the Emirates, Dubai. Prada has over 618 boutiques worldwide with the oldest one in Milan, Italy. The Prada Foundation acquired Ca’ Corner della Regina, a 13th century palace in Venice and converted it into an exhibition space. Besides, stores they also have online presence via their own e-store as well as famous e-commerce sites.
Prada have always focused in innovation and creativity and they have always come out with different ways to promote their brand. They have always adopted an aggressive marketing mix promotional strategy to promote their brands. Prada has their own website portraying each of their products with full details ensuring customers get appropriate information about a particular product. Prada conducts fashion shows which proved to be very productive and persuasive especially in the fashion industry. They had a number of runaway shows that had music designed by a famous French artist alongwith various Prada models and actors who later also appeared in their ad campaigns creating a stronger impact on customers. They also had various ads on Magazines like Vogue and Elle. Miuccia Prada organized a travelling art gallery to connect with the younger generation that she targeted through her Miu Miu brand. The Prada group is doing their part to safeguard the environment as well as took part in a charity event in Milan towards Breast Cancer prevention. With all these promotional activities they have managed to create a strong presence across the globe. Hence, this concludes Prada marketing mix.
market performance and suggestion for future direction
The Italian fashion house, Prada, founded in 1913, specializes in luxury goods. Prada's earnings and income had been on a downward trend over the last number of years, however the company's, EBITDA and net income rose in 2019.There has been a growth in the number of Prada employees over the years, with the Milan based company employing 13,779 people in 2019. The company specializes in luxury goods such as leather goods, clothing and footwear. In 2019, leather goods were the company’s largest category, with net sales from this categor y a mou nt i n g to approx i m ately 1.8 billion eu ros. Prada had sales in Europe of approximately 1.23 billion eu ros i n 2019. The compa ny had 641 directly operated stores and 25 franchised stores that year. The brand will be jointly run by Prada and Raf Simons. This partnership can revitalize the brand and revive customer interest. All brands and all regions have double-digit growth in full-price sales, driving the growth of ready-to-wear.
Important strategies in 2019 Markdown sale Wholesale channels are used in terms of geographic location and quantity. These decisions, as well as t he attractiveness of inter-generational product quotes, are consistent with the brand image, thereby enhancin g the value of the product and optimizing the distribution channels for pricing policy control th rou ghout the process. But reduced price sales beginning in early 2019 have resulted in some euros Net retail sales decreased by 110 million. Prada for adidas Limited Edition Twenty-one outstandin g suppor ters, Century Design proposes a brand's iconic material-a limited series of new products made of nylon. This pays tribute to the tradition of the two brands, marking the establishment of an important business alliance between the two companies. It focuses on t he t ravel socia l club knowledge about contemporary culture.
For Miu Miu, two new episodes of the "Women's Story" film series were released. Consumer interaction with such intensive creative work isThe communication plan has invested a lot of financial resources to ensure the geographic and channel coverage of the communication is very broad regarding product, brand and group profiles. Investment has completed important projects to support the group's image and its store network. Purchased a prestigious building Madrid, a strategy aimed at securing an important position in the Spanish market, and acquired the related company Fratelli Prada spa in Milan now, the group has full control of the global retail network. Established important partnerships with leading technology suppliers to assist in marketing and sales processes. The release of the Prada Re-Nylon capsule series aims to announce, the ambitious plan to transition from virgin nylon to recycled nylon and the signing of the "Fashion Convention" are leading companies in the fashion industry that are jointly committed to reducing the environmental footprint of the fashion industry.
Suggestion for
future
direction
suggestion for future direction
Prada beauty will work to establish itself as a innovative and modern beauty line that both younger and older people who are from all kinds of life will be attracted to and come to love. It will use natural and cruelty free materials to display innovation and sustainable business practices, making difference. They have their own brand image, to generate anticipation and interest amongst younger populations, Prada beauty will collaborate with beauty influencers, following online presence to strengthen their brand image.
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