Prada Thriving as Sales Soar... 29/11/10

Prada joins the ranks of the thriving Burberry and Tiffany & Co. this week. Sales have tripled in the past nine months following increased sales, and (unsurprisingly), huge growth in Asia. Prada has been expected to make an IPO for a while now. Every time the brand reports strong figures, speculation suggests an IPO is just around the corner. In September, we predicted a Hong Kong offering, but still no official decision just yet...

Prada spokespeople say they are considering a listing in 2011. Now seems as good a time as ever, and it is great to see this beloved name forging strongly ahead. Retail expansion seems to be a common strategy shared by brands that are doing well at the moment. Despite alleged discrimination against workers in Japan, Prada is growing, and stores are opening left right and centre. Australia will gain three new stores in next year’s first quarter (Prada and the first Miu Miu in Sydney Westfield City and a Prada first in Perth). Given Miuccia Prada’s tradition of clever and innovative collections, the brand is on a remarkable trajectory.

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Westfield Sydney Loves Shoes 12/11/10

Sydney is in the midst of a shoe revolution. Salvatore Ferragamo and Stuart Weitzman for Hermanns are amongst those being unveiled at Westfield Syndey this month. Christian Louboutin is about to move in. Miu Miu is coming in June, and Prada in July 2011. Yet another Jimmy Choo stores opens in Sydney, this time at Bondi Junction, setting a new precedent in luxury shoe shopping. According to retailers, shoes are an area of enormous confidence– one of the fastest growing retail categories. And its not only luxury brands, Steve Madden and ALDO are establishing themselves in Westfield Sydney. The MO Down has visited the new Westfield and loves the luxury and premium cluster that is represented so strongly. The centre is very impressive thus far, and we look forward to further shoe developments!

Image credit: redsoleshoes.com

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Prada to Establish Russian Presence 29/10/10

Luxury brands eyeing foreign markets have their focus set on the up and coming Chinese market at the moment as we have discussed several times previously here at The MO Down. It’s interesting to see that Prada has its eye on the Russian market. Another emerging market that was very strong five to six years ago yet has gone off the 'priority' list for brand expansion over the recent global economic crisis. Prada rented retail space in key locations this week, analysts are suggesting they are going to invest quite a bit establishing the brand here. The grand opening of the first Russian Prada boutique is rumoured to be planned for autumn 2011, in Moscow’s luxury shopping precinct at the intersection of Bolshaya Dmittovka and Stoleshnikov Pereylok. Try saying that after a few glasses of vodka!

Prada has been available in Russia since 2002, managed by retailer Mercury. However, with the increasing popularity of luxury brands, the market is becoming more and more competitive and names like Prada are having to develop their identities in the local context in order to stand out and remain competitive. Particularly given the exorbitant cost of renting retail space in prestigious areas in Moscow, brands have to assert themselves as one of the big guns in order to succeed. It seems that Prada are keen to own their image in Russia, and will soon be able to provide luxury shoppers with a shopping experience that is uniquely Prada. It’s certain that opening their own boutiques is a step in the right direction to bringing the popularity of the brand in Russia up to par with other parts of Europe.

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