Ok, usually I am more critic, sarcastic, etc. However, today I want to show you an enterprise which represents a way of living, and that hopefully will always shine on this word. Or at least I hope so as long as I’ll see an Italian flag waiving behind their name.
My Lords, ladies and gentlemen…please enjoy the reading
One of the flagships brands of Italianity in the world, Prada was born in 1913 in Milan, founded by the homonymous Mario Prada. Since the beginning it has been identified as a brand capable throughout its history of innovates, create style and influence the fashion industry in the entire world. It was, and remains a brand for the elite, even though it wasn’t highly recognised outside the Italian borders’ until mid 80’s. The wind of innovation started blowing in 1978 when the owner granddaughter, Miuccia, joined the company. During her 30 years of leadership she guided the company through 4 main phases of change:
- Search for a Differential
- Establishing a growth platform
- Aspiration and Acquisition
- Retrenchment and Consolidation
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| Patrizio Bertelli and Miuccia Prada |
The first mission for Miuccia was to differentiate from the other luxury brand. With her partner at the time, and husband at the moment Patrizio Bertelli, decided to appear low profile and don’t show off the brand everywhere. It was such a wise choice, as I always say make it simple. Mr. Bertelli resumed their essence in this sentence: “To be Prada is to be perfect in every way. The process of making a contemporary product demands a new level of commitment to both handicraft and technology”.
Soon after this moment Prada realised this 5 rules about their shops:
1 Variety among stores: “Shops should not be identical”.
2 A variety of spaces: “Prada can be big in small spaces. Nike can only be big in large spaces”.
3 “Space is a marketing tool”. A brand can convey a sense of exclusivity by the perception of its store in the host country.
4 “60 per cent of a business identity remains constant, while 40 per cent changes continually”.
5 The introduction of non-commercial typologies, “Cultural events could be hosted in stores [. . .] Activities other than shopping could take place after store hours”
After that they came up with the idea of creating a new line called Miu Miu, which targeted young and fashion attracted women, and in the late 90’s Linea Rossa, which showed the world their ability to create product extremely technique and luxurious at the same time. By the end of the 1990s, Prada had transformed from being a marginal, domestic and small-scale firm to a multi-national, multi-segment business with a reputation as a leading influence upon fashion trends and consumer taste.
During the late 90’s they also started a new campaign of Acquisition. They bought a part of Fendi in a joint venture with LVMH, Jil Sander, Car Shoe, and last but not least Church.
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| Epicentre Tokyo, Herzog and de Meuron |
Furthermore they created the unique store concept, named Epicentre store. Its function, according to Prada was to “become a device that renews the brand by counteracting and destabilizing any received notion of what Prada is, does, or will become”. The initial idea was to create 3 epicentre stores. The architechts should have taken into consideration trends in global shopping, and should have provide new concepts of new retail tools and apply these to new kinds of stores.
The first commission was given to Rem Koolhaas the famous architect from the OMA studio, and it was opened in Soho, New York. The second was disegned by Herzog and de Meuron opened in Tokyo: probably Prada’s most important market in terms of revenue. The third and last thus far of the Epicentre stores was opened the following year in Los Angeles. OMA were once again commissioned to design the store on Rodeo Drive, Berverly Hills
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| Prada Epicentre Store, Soho New York, Rem Koolhaas |
Recently it presented itself on the stockmarket in June, making the revolutionary choice of being listed in the Hong Kong stock exchange, instead of the classic MIB of Milan. During the initial public offering (IPO) it launched on the market the 16.5% of the company shares, raising $2,6 Billions. Their symbol on the stock exchange is 1913, the year of foundation. We appreciate the loyalty to tradition.
...And for this time That’s all folks…see you soon
Vale
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When you first think of Prada. What exactly do you think of?
ReplyDeleteDon't you think that by expanding in many different fields, such as the sportswear one, the customer loses the notion of what Prada really stands for? It appears as if all of these famous brands are loosing their specialization. It is an issue they will have to consider, as we are entering an era of hyperspecialization, where customers now look for professional advice on every product they buy.
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