In a statement to Italian media, PRADA‘s COO confirmed that the group’s performance has been improving slightly due to the spectacular increase of 30% for its MIU MIU line.
MIU MIU is distributed in wholesale and stand alone stores, yet the brand has a much smaller international network. The success of MIU MIU is driven by the lower price point of its products, some up to 30% cheaper than Prada ones. However, when taking into consideration that most of MIU MIU products are made in Asia, especially China, the price range is rather high.
PRADA’s turnover in 2009 dropped by 5% and its international expansion lags behind its main competitors Gucci and Louis Vuitton. Prada opened only 15 boutiques worldwide and continues to be absent from key international locations such as Dubai and Kiev.
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