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Prada, is an Italian fashion label specializing in luxury goods for men and women (ready-to-wear, leather accessories, shoes, and luggage). Highly renowned, Prada is considered one of the most influential clothing designers in the fashion industry. The label is synonymous with opulence and quality, and is widely regarded as a status symbol. Like numerous other luxury brands, Prada battles against counterfeiting and ensures authenticity only from its official boutiques (found globally) and online store.
First opened as a leather goods shop in Milan in 1913, the Prada label was taken in by designer Miuccia Prada in 1978 and transformed into the luxury goods, fashion house recognized today.
Foundations
The company was begun as Fratelli Prada ( English: Prada Brothers ) by Mario Prada in 1913 as a leather goods shop in Milan, Italy. Not only was his shop a purveyor of leather goods, but also sold imported English steamer trunks and handbags. Fratelli Prada gained great reputation. Mario Prada did not believe in women interaction within business, and so he prevented female family members from entering into his workshop. After his death in the mid-1950s, Mario's son harbored no interest in the business. So ironically, it was Mario's daughter-in-law who took the helm of Prada, and maintained it for almost twenty years. Her own daughter, Miuccia Prada, joined the company in 1970. Miuccia began making waterproof backpacks out of Pocone. She met Patrizio Bertelli in 1977, an Italian who had begun his own leather goods business at the age of 17, and he joined the company soon on. He greatly advised Miuccia -- and she readily followed the advice -- on better decisions for the Prada company. It was his advice to discontinue importing English goods and to begin to revolutionize the old-fashioned luggage styles.
A new look into the 21st century
It suspended to merging and purchasing in 2000s, however, a loose agreement was signed in with Azzedine Alaia. Personal skin care products were introduced in the United States in October 2000 (a 30-day supply of cleansing lotion going for the retail price of $100 USD). To help pay off debts of over $850 million USD, the company planned on offering 30% of the company on the Milan Stock Exchange to the public on June 2001. However, the offering was slowed down after a decline in luxury goods spending in the United States and Japan. In 2001, under the pressure of his bankers, Bertelli also sold all of Prada's 25.5% share in Fendi to LVMH to help reduce Prada's debt. He raised only $295 million USD.
By 2006, the Helmut Lang, Amy Fairclough and Jil Sander labels were sold. Jil Sander was sold to the private equity firm Change Capital Partners, which is headed by Luc Vandevelde, the chairman of Carrefour, while the Helmut Lang label is now owned by Japanese fashion company Link Theory. Prada is still recovering from the Fendi debt. More recently, a 45% stake of the Church & Company brand has been sold to Equinox.
First opened as a leather goods shop in Milan in 1913, the Prada label was taken in by designer Miuccia Prada in 1978 and transformed into the luxury goods, fashion house recognized today.
Foundations
The company was begun as Fratelli Prada ( English: Prada Brothers ) by Mario Prada in 1913 as a leather goods shop in Milan, Italy. Not only was his shop a purveyor of leather goods, but also sold imported English steamer trunks and handbags. Fratelli Prada gained great reputation. Mario Prada did not believe in women interaction within business, and so he prevented female family members from entering into his workshop. After his death in the mid-1950s, Mario's son harbored no interest in the business. So ironically, it was Mario's daughter-in-law who took the helm of Prada, and maintained it for almost twenty years. Her own daughter, Miuccia Prada, joined the company in 1970. Miuccia began making waterproof backpacks out of Pocone. She met Patrizio Bertelli in 1977, an Italian who had begun his own leather goods business at the age of 17, and he joined the company soon on. He greatly advised Miuccia -- and she readily followed the advice -- on better decisions for the Prada company. It was his advice to discontinue importing English goods and to begin to revolutionize the old-fashioned luggage styles.
A new look into the 21st century
It suspended to merging and purchasing in 2000s, however, a loose agreement was signed in with Azzedine Alaia. Personal skin care products were introduced in the United States in October 2000 (a 30-day supply of cleansing lotion going for the retail price of $100 USD). To help pay off debts of over $850 million USD, the company planned on offering 30% of the company on the Milan Stock Exchange to the public on June 2001. However, the offering was slowed down after a decline in luxury goods spending in the United States and Japan. In 2001, under the pressure of his bankers, Bertelli also sold all of Prada's 25.5% share in Fendi to LVMH to help reduce Prada's debt. He raised only $295 million USD.
By 2006, the Helmut Lang, Amy Fairclough and Jil Sander labels were sold. Jil Sander was sold to the private equity firm Change Capital Partners, which is headed by Luc Vandevelde, the chairman of Carrefour, while the Helmut Lang label is now owned by Japanese fashion company Link Theory. Prada is still recovering from the Fendi debt. More recently, a 45% stake of the Church & Company brand has been sold to Equinox.
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