Prada’s CEO, Gianfranco D’Attis, unveils an ambitious plan to double the brand’s business in China amid economic challenges. The strategic initiative focuses on quality expansion, emphasizing increased investments and a nuanced approach beyond merely opening more stores. D’Attis stresses the importance of larger, enriched stores featuring diverse categories, localized products, heightened experiences, hospitality, exclusive events, and unique capsules.
Although the exact timeline for this expansion wasn’t specified, D’Attis highlights a comprehensive strategy prioritizing the depth of engagement and the quality of Prada’s presence in China. This vision was shared during the preview of Pradasphere II, an exhibition in Shanghai exploring the brand’s archive and identity. The introduction of a Prada-themed cafe and gift shop in a repurposed train adds a distinctive touch to the visitor experience.
Looking forward, D’Attis hints at the potential global expansion of Prada’s hospitality concept, including China, by 2024 or 2025. Despite economic challenges, Prada reported a notable 10% increase in third-quarter revenues, fueled by robust performances in Asia and Europe, offsetting weaknesses in the Americas.
With China projected to contribute nearly 40% of global luxury sales by 2030, Prada strategically prioritizes this key market. D’Attis expresses optimism about Chinese consumers resuming travel and shopping in Europe, emphasizing the brand’s unique global offering that complements its local presence.
Prada’s confidence aligns with the broader trend of global luxury brands actively investing in the flourishing Chinese market, showcasing resilience amid signs of slowed growth.
