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Prada just posted its lowest profit in five years, and it’s trying to get back on track by closing stores and focusing on more affordable replica handbags.
Racked investigated Prada’s decline in January 2016; it seems like the same issues from last year are still plaguing the fashion house, including unrest in the Asia Pacific market, and the problem of ubiquity.
In addition to selective store closures, Prada outlet wants to launch bags that aren’t so staid or expensive. “We are working deeply to really fill all the price ranges,” Prada’s strategic marketing director Stefano Cantino said in an investor presentation, according to Bloomberg. Cantino said Prada plans to add more replica bags in the $130 to $160 price range. “There is strong demand for newness,” he said.
We’ve heard Prada’s cheaper bag promises before though, and $1,370 doesn’t really qualify as affordable.
Bloomberg also reports that Prada replica is trying to distance itself from a word that actually does make sense: “I don’t like the word luxury,” said Chairman Carlo Mazzi. “Value for money is our strategy for the future.”
The brand’s plan includes doubling down on e-commerce and social media — to a certain extent. It’s taking its sweet time getting on Snapchat, with an expected launch date of October. Prada also wants to double its e-commerce sales over the next two years. That plan doesn’t, however, include selling Prada clothing on its website any time soon.
It looks like China doesn’t wear copy Prada handbags any more.
The Italian luxury brand replica Prada reported a 26.6% fall in net income in 2015 on Friday, blaming weak sales in China for the slump.
“Difficult times on Asian markets had a significant impact on sales performance throughout the region, especially in Hong Kong and Macau where reductions in local consumption and in the flow of tourism hit harder than elsewhere,” the group said in a statement on Friday.
Prada shares have collapsed 42% in the past 12 months, after concerns about the health of China’s economy – and the ability of its consumers to continue splurging on luxury items – started to emerge.
Chinese President Xi Jinping’s crackdown on corruption has also hit other premium brands, because wealthy officials are less likely to buy expensive items.
Asia Pacific is the most important market for Prada outlet uk, with the region making up a third of the group’s global sales. Prada reported sales of just over $1 billion in the 12 months to the end of January in the region, a decline of 16.1% compared to 2014, including currency fluctuations.
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The company also blamed the Paris terror attacks, social and political tensions worldwide, and currency fluctuations for its poor results. Prada replica said those market conditions are still present, making any forecast for 2016 uncertain.
Prada is not the only luxury brand hit by the Chinese slowdown. Burberry, Hugo Boss, and others also reported weaker sales amid the concerns about China’s slowing economic growth.