Prada's Sales Are Soaring Because It Adopted Apple's Strategy
Lintao Zhang/Getty Images
The reason for their smashing success?
The luxury handbag maker has been limiting selling its product through wholesale channels, reports Kyle Stock at Bloomberg Businessweek.
Instead, Prada opened 79 retail stores around the world this year.
Apple is most famous for adopting this strategy, according to Businessweek.
"The theory, perhaps best refined by Apple, is that a company with a particularly strong brand can benefit by controlling as much as possible about where and how its products get sold-and to whom," Stock writes. "Selling via a staff that it trains, in a store it designs, insulates such companies and their customers from increasingly mall-like department stores and potentially surly salesmen."
By controlling how and where their bags are sold, Prada is ensuring that the customer experience is impeccable.
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- From terrace to table: 8 Edible plants you can grow in your home
- India fourth largest military spender globally in 2023: SIPRI report
- New study forecasts high chance of record-breaking heat and humidity in India in the coming months
- Gold plunges ₹1,450 to ₹72,200, silver prices dive by ₹2,300
- Strong domestic demand supporting India's growth: Morgan Stanley