Are you a fan of Prada, but can’t afford the price tag? Well, there is some really good news for you.
Prada has shared that since the end of the first quarter, it’s experienced a loss of over 40% in net income, reports Bloomberg. Luckily, Prada has decided to release lower-priced handbags.
According to Bloomberg, introducing lower-priced products is one of several steps the iconic Italian fashion house is taking to combat its suffering numbers due to slow expansion in some Eastern markets. “Results for the quarter have been conditioned by the continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau,” said Patrizio Bertelli, Prada S.p.A. CEO, in an official press release. Bloomberg states the brand plans to open fewer stores within the year and close some wholesale accounts, in addition to offering more-affordable bags.
But don’t break out the credit card too quickly. Bloomberg cites that these new Prada bags, whose release date has not yet been specified, will run you around the €1,000 to €1,200 (or approximately $1,100 to $1,400) — keeping them well within the luxury investment-purchase category.