Dream of owning a Prada bag? You may be closer to putting your card in the Prada card reader than you think, as the Italian brand are going to drop the price of their handbags. We are deadly serious.
Last week it was announced that Prada had a drop in over 40% in net income since the end of the first quarter. One of the ways Prada are tackling the fall in profits is with a range of more affordable handbags. Sounds like an excellent strategy to us.
Now before you plan a bulk buying sesh in Prada, this is affordable in the luxury sense of the word. The new lower-priced bags will range from €1,000 to €1,200. Now remember that a medium sized Prada tote can set you back £2,000. Prada are yet to give a release date or indication of style.
According to Bloomberg Prada are set to open fewer stores, shut wholesale accounts and introduce products at a reduced price point to counteract their falling profits.