Prada said that since the end of the first quarter, it’s experienced a loss of over 40% in net income. The news comes with a silver lining : Prada has decided to release lower-priced handbags.
Introducing lower-priced products is one of several steps the iconic Italian fashion house is taking to combat its suffering numbers due to slow expansion in some Eastern markets, according to Bloomberg. “Results for the quarter have been conditioned by the continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau,” said Patrizio Bertelli, Prada S.p.A. CEO, in an official press release. Prada plans to open fewer stores within the year and close some wholesale accounts, in addition to offering more-affordable bags.
While a more universally wallet-friendly luxury carry sounds amazing to anyone who’s ever paid several thousands for one of the label’s coveted designs or even close to $2,000 for its popular petite versions — don’t be excited too quickly. Bloomberg cites that these new Prada bags (release date has not yet been specified), will run you around the €1,000 to €1,200 (or approximately $1,100 to $1,400)……
See full story on refinery29.com
Photo: MCV Photo
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