While some luxury brands are raising prices to regain exclusivity, it seems Prada plans to do the opposite: Offer more affordable bags in a bid to combat slumping sales.
Last week, Bloomberg reported that the Italian label’s net income in the three months through April dipped to $ 65 million—a pretty big tumble, compared to the $ 118 million it racked up during 2014’s first quarter. While the reasons for the slump are manifold, the big one includes slumping sales in China’s voracious luxury market.
As a result, Prada plans to open less stores, halt certain wholesale accounts, and—wait for it—roll out bags at more affordable prices.
Don’t get too excited: The bags will still be investments—around $ 1,100 to $ 1,350—but the price point certainly can be considered more attainable than most the label’s most coveted styles right now, which typically hover between $ 2,000 and $ 3,000.
Source: StyleCaster » Fashion News