Prada is one of outperforming powerful luxury brand ,let’s see briefly analyzing of what it does to stay competitive.
Create experience of luxury fused with artistic creativity
It built a unique identity of its own through its unique stores and products.
Prada handbags have become known as high class elegance and quality, and many years it have been celebrated as the best handbag available.
Today all Prada categories are innovative ,sophisticated ,modern design with the high quality of handcrafted. Prada is also really active in the eyewear, fragrance.
Combination of innovation, quality and time to market
They invest a lot in these in all area to being competitive which was one of the significant contributors to the brand developed. Invest on manufacturing and craftsmanship skills ,industrial know how ,increase in-house capacity , developed new high-tech fabric produced specifically for Prada . they Introduce new fabric to industry.
Using the technology in the store to create new customer shopping experiences , Prada is a very early ,the first to launch a revolution of concept of stores in 2001- and later it followed by another brands in the industry.
When look into it internal management. they always developing talented employees .Prada have its own organizational culture , the way they manage, communicate within organization enables them to respond to the market very fast. Prada is one of the brand that delivers clothing and accessories very quickly after a design has been presented on the runway. Therefore, the key factors that contribute Prada success are related to these principles.
Strong control of the entire value chain
Investing in new industrial ,logistic facilities and full control of the whole value chain since product development to the distribution. Ensure the highest quality ,fast and flexible , eliminating parts of the value chain that are duplicated to reduce cost these give its ability to stay competitive.
Powerful retail network
Prada have two distribution channels , the retail channel which directly operated by the company. and the independent channel of multi-brand stores. These distribution strategy enables the group to have a presence in the most points-of-sale in world wide. Sales gains in all geographic areas are boosted revenue.
Reference : http://www.pradagroup.com/en/brands/prada
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