Prada, an old luxury favorite, is looking for something new to turn the brand around. According to financial reports, Prada profits fell 44% last quarter and net income dropped to 58.7M euros ($65.6 million).
To remedy the situation, Prada is introducing lower priced bags into their new lines, cutting back on physical boutiques, and creating more special events and limited editions items. Overall, Prada is searching for something that will somehow “wow” consumers again. The new Prada “Inside Bag Tote” is the very thing Prada hopes will draw spark and lust back to the brand.
Prada doesn’t just expect the Inside bag to be their personal savior, but also become the next “it” bag in the fashion world. The climb to this status is not an easy feat. As described in Christa Binkley’s WSJ article, Prada has a calculated strategy to make sure the Inside bag has the ultimate impact.
Here’s a speculative game plan:
The Inside Bag first appeared in the Fall/Winter 2015 fashion show in Milan. At least half of the looks in the show featured the Inside bag in different versions. Repetition, Repetition, Repetition, created the first bout of intrigue. The extensive color range and variations on the runway also helped reveal the possibilities of the Inside bag to the fashion world.
#2 Hype and Promotion
As with any “it” bag, Prada wants the buzz and mystery to be alive around the Inside bag. Prada has been working closely with magazines for ad campaigns being launched in the upcoming months. Prada is also creating intense merchandising plans with retailers like Neiman Marcus, so everyone is on board with how critical the promotion of the Inside Bag is. More than anything, Prada wants consumers to know that the Inside bag is special, functional, and a hot commodity, and also feel special while shopping for it and toting it around!?
Celebrities, VIP customers, and style icons were given an exclusive invitation to order the bag first. After the first tease, Prada wanted to build anticipation for the bag by keeping access limited. In addition, Prada is working with sales associates to train them on how to sell the bag. More expensive, exotic bags are introduced in seated demonstrations to emphasis the luxurious, special qualities of the bag.
#4 Bigger Selling Point: Versatile Design
The Inside Bag is a minimalistic rectangular bag with a zippered bag inside that resembles a dopp kit. The exterior bag can be worn slightly unzipped to showcase the contrasting inside bag. The Inside Bag is available in a variety of materials such as nappa leather, crocodile, and ostrich. Available colors range from mostly muted pastels and neutrals like pink, gray, and green with complementing, bolder insides. Aside from exterior look, the bag inside is actually functional with many organizational compartments. The most basic leather, small size is expected to retail for $2,415.
Prada wants the simple, chic nature of the Inside bag to compel women to wear it as their everyday staple. Given the design and features, Prada is signaling to consumers they have every practical reason to love and need the inside bag. In their eyes, they have created the perfect feminine, timeless bag. Theoretically, with lots of women toting the Inside Bag often, the “it” bag status will pick up.
After learning about Prada’s strategy and seeing the bag itself, do you believe the Inside bag will reach “it” bag status? Could you see yourself buying one?
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