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Last Updated February 24, 2018
Prada's originality made it one of the most influential fashion houses, and the brand became a premium status symbol in the 1990s.
Sales were reported at L 70 billion, or US$31.7 million, in 1998. Partrizio di Marco took charge of the growing business in the United States after working for the house in Asia. He was successful in having the Prada bags prominently displayed in department stores, so that they could become a hit with fashion editors. Prada's continued success was attributed to its "working-class" theme which, Ginia Bellafante at The New York Times Magazine proclaimed, "was becoming chic in the high-tech, IPO-driven early 1990s." Furthermore, now husband and wife, Miuccia and Bertelli led the Prada label on a cautious expansion, making products hard to come by.
In 1992, the high fashion brand Miu Miu, named after Miuccia's nickname, launched. Miu Miu catered to younger consumers, such as celebrities. By 1993 Prada was awarded the Council of Fashion Designers of America award for accessories.
Prada Fifth Avenue, Manhattan
Men's ready-to-wear collections were launched in the mid-1990s. By 1994, sales were at US$210 million, with clothing sales accounting for 20% (expected to double in 1995). Prada won another award from the CFDA, in 1995 as a "designer of the year" 1996 witnessed the opening of the 18,000 ft² Prada boutique in Manhattan, New York, the largest in the chain at the time. By now the House of Prada operated in 40 locations worldwide, 20 of which were in Japan. The company owned eight factories and subcontracted work from 84 other manufacturers in Italy. Miuccia's Prada and Bertelli company were merged to create Prapar B.V. in 1996. The name, however, was later changed to Prada B.V., and Patrizio Bertelli was named Chief Executive Officer of the Prada luxury company.
In 1997, Prada posted revenue of US$674 million. Another store in Milan opened that same year. According to the Wall Street Journal, Bertelli smashed the windows of the store a day before the opening, after he had become deeply unsatisfied with the set-up. Prada also acquired shares in the Gucci group, and later blamed Gucci for "aping his wife's designs." In June 1998, Bertelli gained 9.5% interests at US$260 million. Analysts began to speculate that he was attempting a take over of the Gucci group. The proposition seemed unlikely, however, because Prada was at the time still a small company and was in debt. Funding Universe states that "At the very least, Prada had a voice as one of Gucci's largest shareholders (a 10 percent holding would be required for the right to request a seat on the board) and would stand to profit tidily should anyone try to take over Gucci." However, Bertelli sold his shares to Moët-Hennessy • Louis Vuitton chairman Bernard Arnault in January 1998 for a profit of US$140 million. Arnault was in fact attempting a take over of Gucci. LVMH had been purchasing fashion companies for a while and already owned Dior, Givenchy, and other luxury brands. Gucci, however, managed to fend him off by selling a 45% stake to industrialist François Pinault, for US$3 billion. In 1998, the first Prada menswear boutique opened in Los Angeles.
Prada was determined to hold a leading portfolio of luxury brands, like the Gucci group and LVMH. Prada purchased 51% of Helmut Lang's company based in New York for US$40 million in March 1999. Lang's company was worth about US$100 million. Months later, Prada paid US$105 million to have full control of Jil Sander A.G., a German-based company with annual revenue of US$100 million. The purchase gained Prada a foothold in Germany, and months later Jil Sander resigned as chairwoman of her namesake company. Church & Company, an English shoes maker, also came under the control of Prada, when Prada bought 83% of the company at US$170 million. A joint venture between Prada and the De Rigo group was also formed that year to produce Prada eyewear. In October 1999, Prada joined with LVMH and beat Gucci to buy a 51% stake in the Rome-based Fendi S.p.A. Prada's share of the purchase (25.5%) was worth US$241.5 million out of the reported US$520 million total paid by both Prada and LVMH. Prada took on debts of Fendi, as the latter company was not doing well financially.
These acquisitions elevated Prada to the top of the luxury goods market in Europe. Revenue tripled from that of 1996, to L 2 trillion. Despite apparent success, the company was still in debt.
Here are some examples showing the images we would need to complete your Prada authentication.
*images below are examples and are not required or found on all styles of PRADA
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