Congratulations and hurrah for Prada! Financial news today shows that the Italian brand have increased their profits this year, bucking the trend for high end fashion and luxury brands struggling through the economic downturn.
The global recession has not been a good time for anyone in fashion, with some brands have closing, and others have had to come up with drastic solutions to the lack of customers around.
Prada, which is still owned by the husband and wife team Patrizio Bertelli (chief executive) and Miuccia Prada (designer) rather than the majority of their high end contemporaries which are owned or part own by luxury conglomerates like LMVH (Christian Dior, Louis Vuitton, Loewe, Marc Jacobs, Fendi) or The Gucci Group, which owns Alexander McQueen, Stella McCartney Bottega Veneta, Yves Saint Laurent, and Balenciaga.
Mr and Mrs Prada are a pair of one-offs, and as such, have ignored the usual fashwan protocol, giving several interviews in which they’ve spoken openly about the company’s debts (Prada expanded too fast after a flush decade during the 90’s).
They even laughed in the face of an unauthorised biography which came out last year (Calvin Klein, for example, once went through a lengthy court battle to prevent a tell-all book about his life being published)
It looks as if Miuccia’s ability to keep a couple of steps ahead of the fashion curve has kept her customers coming back and now the good ship Prada is steering itself off the rocks. Bravo!