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PRADA
CAPSULE COLLECTION
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PRADA
FULL BUSINESS PLAN BRAND Situation of the brand Brand analysis : main branding concepts Brand identity moodboard and identity prisms Target and positioning Swot analysis Stylistic identity and brand codes and imagery
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PRADA
HISTORY
2005 2001
1913 First prada store opened by Mario Prada, Miuccia Prada’s grandfather in Milan
1824 Prada Group begins with Marchesi family’s first bakery
Prada Group acquires Car Shoe, opens New York ‘Epicentre’ Store, and collaborates with architect
1975 Miuccia Prada joins family business designing accessories
Guido Canali to update three of their industrial working sites
1963 Car Shoe is created featuring a rubber soled loafer to increase driving safety
Miuccia Prada makes list of top 100 most influential people in Time Magazine, Scandinavian artists Elmgreen & Dragset create a faux ‘Prada Marfa’ store in the middle of the Chiuaua Texas desert
2000
2004
Luna Rossa wins Louis Vuitton sailing cup and eyewear is introduced to Miu Miu and Prada
Prada launches first women’s perfume, opens Los Angeles ‘Epicentre’ store and Miuccia Prada receives international award from America’s Council of Fashion Designers
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PRADA
HISTORY
2011
2009 Prada launches innovative building which can rotate on itself in Seoul, specifically to host cultural events such as fashion, film and art exhibitions.
2014
The Prada Group acquires Prada Group and Conseil Économique, Pasticceria Marchesi and historic Social et Environnemental seal an French Tannerie Hervy. The agreement for the use of the Prada headquarters in Paris for any initiatives exhibition ‘Pradasphere’ is shown in London and Hong Kong including concerning art, architecture, fashion and archive pieces, iconic accessories, film. Prada S.p.A. is listed on the Hong the history of the brand and it’s Kong stock exchange, and Miu Miu special projects. Prada Group launches a series of short films releases its first annual Corporate examining the role of women in Social Responsibility Report. contemporary society.
2007
2010
Prada x LG collaboration to release first touch screen mobile.
Italian National Trust completes a cycle of artwork restorations in different cities where new Prada stores are inaugurated, Miuccia Prada designs costumes for Giuseppe Verdi’s opera Attila.
2012 The exhibition ‘Schiaparelli and Prada; Impossible Conversations’ is created and shown at the Metropolitan Museum of Art in New York, exploring new interpretations of the innovative work of the two Italian designers from different times, focusing on their shared passion for art.
2018 For S/S ‘19 Prada invited three globally influential female architects and four male creatives to create items for women and men respectively, out of its iconic nylon fabric. Prada relaunches Linea Rossa as an evolved, modern, technical collection drawing on references from 1990s sportswear.
2017 The Prada Group opens Pasticceria Marchesi in Galleria Vittorio Emanuele II. Prada unveils historic residence after six-year restoration in Shanghai, to be used as a flexible space for cultural events.
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PRADA
CONCEPT The Prada Group concept involves taking the identity of past heritage and translating it into an innovative future vision. Observation and curiosity of the world, and belief in that fashion is a reflection of society and is constantly changing and evolving, feeds the contemporary reality of the Group and all of it’s associates. “In society, and thus in fashion, which is somehow a reflection of it, the only constant is change. The transformation and innovation of references, at the core of any evolution, led us to interact with different cultural disciplines, at times apparently far from our own, allowing us to capture and anticipate the spirit of the times. Today this is no longer enough: we must be the actors of change, with the flexibility required to translate the demands of the market and the society into tangible actions that inform our way to do business.” -
Miuccia Prada & Patrizio Bertelli
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PRADA
CORE VALUES
INNOVATION
CREATIVITY
SUSTAINABILITY
Emphasising artisanal expertise and
Prioritising creativity amongst
craftsmanship, utilising technological
their people and in their design
their employees, harbouring respect for
innovation in their designs and throughout
aesthetic.
the environment and society, and people
their industrial organisation.
Creating a better working environment for
on the whole.
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PRADA
DNA
SUBVERT THE RULES
INNOVATIVE TRADITION
SPIRIT OF EXCELLENCE
UNIQUENESS OF TALENT
BEYOND BOUNDARIES
SUSTAINABLE PATHS
Renovation,
Artisanal spirit x
People who seek
Multicultural and
Art, philosophy,
Research of a more
transformation and
technology and industrial
perfection in their work
heterogenous individuals
architecture, literature,
sustainable balance,
independence.
organisation.
and breaking previous
who are passionate,
and ďŹ lm.
economic development,
records of achievement.
curious and have an
respect for society,
obsession for details and
people and the
expertise.
environment.
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PRADA
USP + BRAND DIFFERENTIATORS TECHNICAL INNOVATION / INDUSTRIAL ORGANISATION Ownership of architecturally designed industrial manufacturers and focus on technological innovation and craftsmanship
STRONG CULTURAL TIES Extensive contribution to the world of art, architecture, fashion and film.
HISTORICAL Extensive brand history expanding nearly 200 years.
AWARD WINNING Miuccia Prada has won multiple design awards as well as making, on her own and with her husband, the Time Magazine’s list of the top 100 most influential people in the world.
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PRADA
IDENTITY SYMBOLS
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BRAND
ASSOCIATIONS
Karim
CONTEMPORARY iFFFFF& FFFFFiii iiiiiCLASSICiiiiiiiii
PRADA BRAND ASSOCIATIONS
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MARKETING
MIX
People - The Prada Group is made up of 12,844 employees worldwide, coming from 100 different countries, and 62% of whom are women. The Prada Group values which it considers important for its employees are enthusiasm and craftsmanship to feed the innovation and quality of the products, and they take pride in cultivating the mindset that leads its people to strive for perfection in their work.
Place - The Prada Group is present in over 70 countries worldwide including distribution to Europe, Greater China, Asia-Pacific, the Middle-East and Africa, the Americas and Japan. This includes 625 directly operated stores and wholesale to department stores, multi brand stores, franchisees and online retailers.
Price - Prada’s entry level prices start from around 140€, but the top luxury line can cost anywhere up to 12,000€.
Product - Prada offers luxury mens and womens ready to wear, leather goods, footwear, eyewear, and fragrances.
Promotion - The Prada Group communicates with a variety of different strategies including: fashion shows rich in content, advertising campaigns, creation of a captivating stylish image which is valued by a high-end, international clientele, and highly regarded worldwide by the most demanding industry critics. Prada has recently taken on the strategy to focus on the development of electronic communications which has helped to raise the brand’s profile and strengthen its relationship with its customer. Other means of communication include media through fashion magazine covers and editorials, and special events in the art, architecture and film mediums.
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STRUCTURE & MANAGEMENT Currently the group is managed as a total entity by Miuccia Prada and her husband Patrizio Bertelli, and is not organised into strategic business units.
Source: https://tesi.luiss.it/10817/1/caiazza-pasquale-tesi-2013.pdf
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PRADA
TANGIBLE CHARACTERISTICS Prada Logos
Miuccia Prada
Prada Leather
Flame heels
Neon colours
Prada Green
Patrizio Bertelli
Banana shape / banana print Nylon
Robot shape / robot print Checkerboard marble ooring Upside-down triangle
Flames reaching up the garment Checkerboard marble ooring Monkey shape / monkey print
Rabbit shape / rabbit print
Lipstick shape / lipstick print Prada Tote Bag Dinosaur shape / dinosaur print
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PRADA
INTANGIBLE CHARACTERISTICS Heritage
Conceptual
Expressive
Luxury
Cutting edge
Intellectual
Creative
Experimental
Beautiful but controversial
Innovative
Unconventional
Contemporary
Cultural
Artistic
Interpretive
Architectural
Unusual
Transcendent
Modern
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BRAND DILEMMA
BRAND DILEMMA
BRAND IMAGE
BRAND IDENTITY
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Product is overpriced
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Hard to mix and match neon colours / some of the design elements aren’t classic enough to warrant paying a luxury
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Chanel, Dior or Hermes -
price tag -
Doesn’t have as strong of a brand narrative as brands like Doesn’t have as many entry level priced items as brands such a Gucci to target millenials
Products not as iconic as the Gucci slides or Chanel ballerina
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Lack of iconic products which have stood the test of time
flats
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Lack of iconic fabrics
CONSUMER
MARKETER
Sender PERSONALITY
PHYSIQUE
Innovative , Creative, Elegant
CULTURE
RELATION Targets audience Possibility to personalize items Release of limited editions Social distinction Quality
BRAND IDENTITY PRISM
Italian but implanted internationally Individuality Sophistication
SELF-IMAGE
REFLECTION
Belonging to the upper social class IdentiďŹ es as being fashionable
Upper class Elegance Fashion conscious
Receiver
External
Internal
Distinct logo and brand symbols
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BRAND POSITIONING BASIC CONCEPTS TARGET BENEFITS COMPETITORS Gucci, Balenciaga, Chanel, Dior, Burberry, Louis Vuitton, Zara
Conceptual design, cutting edge, innovative and boundary pushing, quality product with a ‘savoir-faire’ which comes from its extensive brand history, sustainable, intellectual from a cultural perspective: the brand takes its inspiration from many cultural aspects
The woman who has a well defined sense of personal style, not afraid of pushing boundaries and being different, and who has an appreciation for unique design elements as well as technological advances in clothing, in a career as an executive or a career with a high level earning potential, a woman who is well cultured and wishes to reflect that in her presentation, with refined but playful taste
REASON Over a hundred years of knowledge and research behind the brand, Miuccia Prada’s multiple design awards, the brand’s involvement and success with other cultural industries such as art, film, and architecture, manufacturing in Europe where there are the best artisans for leather goods, research and development with architects to provide a space that is beneficial for employees but also for the environment, employment of employees with the best artisanal know-how and enthusiasm to drive success within the industry, use of clothing in well renowned industry publications such as Vogue and Harper’s Bazaar
PRADA
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CONSUMER BASED SEGMENTATION TARGET: The customer who is creative, intellectual and innovative. Customers with a high level income who are willing to spend more money on their personal presentation.
BEHAVIOURAL
DEMOGRAPHIC
User status: Single, married or defacto
Income: 30,000€+
Usage rate: From once a year to almost
Age: Millennials - Baby
daily
boomers (20 - 60)
Usage occasion: From daily corporate
Sex: Female / Male
wear to special occasion
Race: Predominantly Chinese
Brand loyalty: Selective loyal return
/ Japanese
customers, but many customers may
Family: Zero to two children
also shop at brands such as Gucci,
maximum but prefers to
Louis Vuitton, Chanel, Zara
spend their money on
Benefits sought: Creative design,
themselves and is career
quality
focused
PSYCHOGRAPHIC Values: Quality, design, trends, art, architecture, film culture, travel Opinions: Designer clothing is always higher quality, Activities: Travel, visits art galleries, watches foreign arthouse cinema Attitudes: Buying designer clothing increases self worth Lifestyle: Travels often, has a high paying, high stress job so is therefore time poor, exercises regularly in order to destress
GEOGRAPHIC International: Predominately the Chinese / Japanese / American markets. China and Japan due to their rate of market growth in the luxury sector and rapidly growing economies, and both America and China for their already high percentage share of the luxury market.
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GLOBAL
PERSONAL LUXURY GOODS MARKET
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PRADA
BUSINESS TO BUSINESS SEGMENTATION NATURE OF GOOD
BUYING CONDITION
DEMOGRAPHIC NET-A-PORTER Activity code: Online Retailer
Kind: Leather goods and
Purchase location: Prada
Number of employees: 4,300
accessories
Showroom Milan, Italy
Number of production workers:
Where used: Worldwide
Who buys: Buying Team
Annual turnover: 2.1 billion euros
Type of buy: Seasonal
Type of buy: Seasonal
Number of establishments: United States, Europe, Middle East, Japan, China and Hong Kong and delivers to more than 180 countries around the world
CUSTOMER PROFILE
KEY ATTRIBUTES -
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Enjoys travelling
Name: Chrysteis Tan
BUYING HABITS
Gender: Female Age: 27 years old
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Likes to shop often but is time poor
Lives in: Hong Kong
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Always researches online before purchasing in store
Profession: Design director at Publicis
-
fabrics
Income: $165,318 Language spoken: English, Mandarin, Deutsch.
Prefers to buy quality items and natural
-
Likes to mix expensive designers such as Prada with high end and premium designers such Sandro, Maje and Claudie Pierlot
ASPIRATIONS BUYING MOTIVATIONS
To have a walk-in closet filled with handbags and shoes from many different shades of color and styles. Eager to have children and to get married as soon as possible. Cannot wait to dress her children in designer childrenswear. Wishes to get promoted at her job to travel more and earn a higher income as she strives for success.
QUOTES “I’d definitely travel more if I wasn’t so bad at packing” “Very few things are indeed impossible”
Likes to have a sophisticated and cute style with practical and durable large handbags for work but that she can also wear to go out, as well as to travel. Splurges on expensive luxury personal goods such as prada accessories as the brand is recognizable but will not spend as much on ready-to-wear.
CUSTOMER PROFILE Name: Shuichiro Naito
KEY ATTRIBUTES -
Gender: MALE
BUYING HABITS
Lives in: TOKYO -
Buys predominantly designer brands or vintage clothing to customise himself
Income: Approx. 100,000€ Language spoken: Japanese
Into music, fashion, technology, art and partying with friends
Age: 25 years old Profession: Instagram Influencer
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Buys the latest iPhone every year
BUYING MOTIVATIONS ASPIRATIONS
BELIEFS
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To reach 500k Instagram followers
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Fashion is a part of self expression
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For his friends and Instagram
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Designer is always higher quality and
followers to think he is cool
has better/more creative design features
Likes to be always on trend, items don’t necessarily need to be practical but must be fashionable and appeal to Instagram followers. Hates having outdated technology so mixing fashion and tech is even cooler. Doesn’t travel much as he doesn’t speak much English so prefers to spend extra money on appearance going to cool bars / clubs where he can be seen in his designer clothing.
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PRADA
COMPETITIVE MAPPING
HIGH TIER PRICING 26
CLASSIC
CONTEMPORARY
LOW TIER PRICING
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PRADA
BRAND IDENTITY IDENTITY SYMBOLS BRAND NAME: Prada SLOGAN OR TAGLINE: N/A BRAND LOGO: Various logos including, the upside down triangle logo, plain ‘P R A D A’ text logo, red Prada Linea Rossa logo, PACKAGING: Black and white with the Prada Milano logo or plain black embossed with the plain ‘P R A D A’ logo COMMUNICATION TOOLS BUSINESS CARDS: Reflective of the packaging ADVERTISING: Seasonal campaigns, media advertising in fashion magazines, digital communication through website, Instagram, Twitter, YouTube, Facebook WEBSITE: Black with white text, minimal, modern VISUAL MERCHANDISING: Minimal, use of ‘Prada Green’ throughout all stores, WINDOW DISPLAY: Minimalist, spacious, to give the impression of the luxury code ‘less is more’ STAFF UNIFORMS: Classic black pant, and knit with modern white button up cotton shirt buttoned all the way to the top, hair pulled back in low ponytail,
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PRADA
STORE - PARIS AVE. MONTAIGNE PAINTING FROM AN ORIGINAL 18TH CENTURY CHINESE SCREEN
INSPIRED BY TRADITIONAL CHINESE FOLDING SCREENS
MODERNISATION OF THE PAINTING WITH A CONTEMPORARY PALETTE
CONCEPT
CLOUDS OF PINK SMOKE LIFT THE LANDSCAPE TO THE CEILING
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PRADA
STORE - PARIS AVE. MONTAIGNE
EXCLUSIVITY
OPULENCE
LUXURY
BRAND MESSAGE
INTELLECT
PRADA
KEY PRODUCTS
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STYLISTIC IDENTITY
Key Materials – Nylon, Leather, Wool, Silk, Cashmere, Mohair, Technical Fabric, Neoprene, Denim, Silver Ripstop, Gabardine, Cotton: poplin, jersey, stretch and other blends, Knitwear, Viscose, Satin, Velvet, Jersey, Metal detailing, crystal hardware, tassels, feathers, fur
Key Colors – Neons, pinks, orange, yellow, green, purple, blue, red, black, turquoise, grey, white, camel, brown, red, navy, burgundy, metallics, gold, silver, purple, beige pink, pale ‘Prada green’
Key Shapes – A-Line, mini skirts, oversized 70’s style button ups, v-neck, round neck, turtlenecks, high neck dresses and shirts with a pussy bow, bodycon dresses / skirts / pants, oversized / straight–cut sweatshirts / sweatpants, fitted sweatshirts with turtleneck both classic and ski style, flared pants, classic straight leg pant, wide leg pants, satchel, tote bag
Imaginary – Prints: banana, geometric, floral, tropical, rabbits, flames, monkeys, dinosaurs, robots, retro racing stripes, palm trees, lipstick, comic style prints, upside down retro style triangle
Vocabulary – fantasy prints, conceptual, cutting edge, structured, experimental, innovative, unconventional, artistic, unusual, idealistic, expressive, evolving, perceptive, state of the art, instinctive, cultural, intellectual, beautiful, questionable, reconstructive, retrospective, luxury
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PRICING
PRICING
RTW: 220€ -12,000€
RTW: 790€ - 3100€
Bags: 480€ - 2,700€
Shoes: 480€ - 590€
Shoes: 390€ - 1,400€
Accessories: 150€ - 250€
Other Accessories: 140€ - 750€
PRADA MAIN LINE
PRADA LINEA ROSSA
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PRADA
COMPETITIVE PRICING COMPARISON
Source: Business Of Fashion
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S
W
O
T
TRENDS
LEATHER
MURAKAMI
BELT BAGS
The most dominant of all fabrics
Murakami is one of the most iconic
The fashion world is currently
this season was leather which came
artists and he is often compared to
experiencing the “Fanny pack Mania”. It
by way of skirts, trousers and trench
Andy Warhol for his art-as-business
started being worn by fashion
coats.
approach.
influencers, editors and celebrities and now it has become incredibly accessible and has been referred to being THE accessory of the year.
TRENDSBELTS
TRENDSFANNY PACK
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FULL BUSINESS PLAN CAPSULE PRADA X MURAKAMI
PRADA X MURAKAMI
WHAT DO PEOPLE WANT? OPPORTUNITY ➔ ➔ ➔ ➔
More entry level products Streetwear / casual but still classic and luxurious Practicality The feeling of creation and design (Mix & match by buying seperately)
OPPORTUNITY + EXECUTION ➔ ➔ ➔ ➔
Price range between 150€ - 490€ Mix art & streetwear within a luxury product Appeal to Millenials & Artsy crowd Use of colors but still offering simplicity with black & white products
PRADA X MURAKAMI
STRATEGIC OBJECTIVES To boost accessory sales as Prada’s ready to wear is outperforming its leather goods and attract a new customers!
➔
A collaboration with Takashi Murakami on
➔
It is the mix of streetwear but adapted to fit
accessories. Prada already offers a range of belts
Prada’s DNA of italian luxury with a twist of
and belt bags therefore, it stays consistent with
art to please its Asian and art fanatic
the product policy of Prada. The new colors used
customers.
by Prada are flashy and vibrant. There are many colors used for the prints of Murakami’s art however, the collection still offers the products in black.
➔ ➔ ➔
Benchmarking: No other brand has collaborated on belts or belt bags however Murakami has collaborated with many other brands such as Louis Vuitton, Marc Jacobs, Vans, Off White, Supreme and Uniqlo which have all been successful and very different.
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PRADA X MURAKAMI
CAPSULE COLLECTION
MERCHANDISING PLAN To be stocked only in New York and Aoyama Prada ‘Epicentre’ stores, Plus the China flagship on the online Prada Store: not for wholesale. Sizes: 20 x 11 cm Number of skus: 12 Manufacturing place: China Target: Art Fanatics, Murakami fans, Murakami customers, Prada customer, especially Chinese and Japanese customer
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PRADA X
TAKASHI MURAKAMI Japanese contemporary artist He works in ďŹ ne arts media (painting & sculpture) as well as commercial media (fashion, merchandise & animation). Created video clips for Pharell Williams or Kanye West Often compared to Andy Warhol All his clients are extremely wealthy His representations of skulls are iconic Collaborations with Marc Jacobs, Louis Vuitton and Vans
Inspirational mood boards
PRADA X MURAKAMI
BELTS
PRADA X MURAKAMI
BELT BAGS
PRADA X MURAKAMI
MATERIALS
Prada nylon for belt bags
SafďŹ ano leather for belts
Zippers
PRADA X MURAKAMI
DESIGN DETAILS
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PRADA X MURAKAMI
CAPSULE PRICING STRUCTURE BELTS
NYLON
LEATHER
BELT BAGS
NYLON
LEATHER
BLACK
150€
190€
BLACK
330€
390€
WHITE
150€
190€
WHITE
330€
390€
MURAKAMI PRINT
220€
290€
MURAKAMI PRINT
430€
490€
TOTAL NUMBER OF SKUS: 12
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PRADA X MURAKAMI
PROMOTIONAL STRATEGY Event in the Epicentre store in Aoyama, Tokyo, inviting influencers and creating content at the same time. Capsule collection campaign to be shot by Charlie White a photographer who has shot a campaign for Balenciaga previously.
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YOUR TITLE HERE A company is an association or collection of individuals, whether natural persons, legal persons, or a
Joe ALwyn
Shinya Mizoguchi
Eva Chen
Prada Brand Ambassador /
Japanese DJ, Producer, Artist
Director of Fashion
English Actor
and Resident
Partnerships at Instagram and
@joe.alwyn - 156k followers
@starRo - 20.5k followers
a Children’s book author @evachen212 - 1m followers
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PRADA X MURAKAMI
BUDGET STRATEGY Budget strategy based on last year’s revenue.
YEARLY PLAN
€€
COSTING
€€
PRADA REVENUE 2017
1,500,000,000€
ESTIMATED COST OF INFLUENCERS
50,000€
YEARLY MARKETING BUDGET (10% OF REVENUE)
1,500,000€
ESTIMATED COST OF EVENT
20,000€
MARKETING BUDGET PER SEASON (FIVE SEASONS PER YEAR INCLUDING MENSWEAR)
300,000€
TAKASHI MURAKAMI
10,000€
MARKETING BUDGET FOR CAPSULE
80,000€
TOTAL
80,000€
EXPECTED ROI
800,000€