Prada is Going to Start Selling More Affordable Bags—Here’s Why
This is some Goodnews- well, I hope. According to Stylecaster, 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( N270,000)—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( N600,000)