Prada Will Lower Prices Of Their Purses, But They Will Still Cost You A Pretty Penny
For those of you who are still bummed out about not being able to snag a Balenciaga for $200 when Balenciaga's prices were glitching, perhaps a more affordable Prada bag will help to console you. Prada lowered the prices of their purses after calculating a loss of over 40% in net income from this past quarter. Normally Prada bags go easily for about $2,000 and up, but after the price drop, bags will cost anywhere from $1,100 to $1,400. The brand hasn't released a date of when the prices will change, but be sure to keep an eye out in the next couple of months.
Some may think the reason behind Prada's setbacks were similar to Coach's, which were caused by a decrease in popularity, but it turns out the issue lies internationally. Prada’s CEO Patrizio Bertelli said that the company’s losses are largely due to the, “continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau.” It's hard out there for a luxury bag maker, yo.
In order to cope with the loss in revenues, the brand isn't only offering lower-priced purses, but the brand will also not be opening up as many stores as they originally planned for this year. Although the good news is coupled with bad news for Prada, I think it's a wise decision and will help bolster sales and popularity soon enough. It's such an iconic fashion house, there's no way it's going to go anywhere but up. I'm confident the brand will be able to pull through this tough time.