MILAN--With demand for Prada's products growing faster than its factories can produce them, the company plans to control its distribution more closely and will have to slow down sales growth. That was the word Tuesday from Patrizio Bertelli, Miuccia Prada's husband and the business brain behind Prada's fast-paced expansion strategy. Bertelli outlined the company's business plans at a press conference here. The firm, he said, will eliminate those distributors that appear to be higher risk or "less loyal" in a move toward channeling more than 70 percent of group sales through directly owned shops by 1998. In achieving this, the firm, for example, plans to cut independent retail and department store doors carrying the Prada brand from the current 502 to 465 in 1998. "We're only going to sell to the people we like," joked Bertelli. Nevertheless, Bertelli put forth, as in the past, some hefty sales forecasts. In 1996, Prada registered $300 million in total wholesale sales and is projecting a 60 percent increase this year to $480 million, while the outlook for 1998 is $620 million. On the retail front, some 42 directly owned Prada shops are slated to open this year, as well as nine Miu Miu boutiques and two Granello shoe and bag shops, making a total of 136 directly owned boutiques. That number is expected to grow to 160 next year. Prada's newest project is the launch of a skiwear line for men and women for the fall/winter '97 season. A few samples were shown during the men's wear presentation Tuesday. The line will be incorporated directly into the Prada collection and will be priced accordingly, Bertelli said. "This is a natural evolution of our ready-to-wear business," he said, "but it won't be called Prada Sport." In other areas of the Prada business, Bertelli declined to reveal the much-anticipated name of the partner for a new Prada fragrance and cosmetics line, expected to bow for September 1998, saying that the company is listed on the New York stock market and he had to respect stock market regulations. According to market reports, however, negotiations with EstAe Lauder have been proceeding for some time, though both sides have declined to confirm the talks. "Grass grows faster," said one industry source about the pace of the negotiations. Market rumors are that talks are logjammed over what to do with old stock from Prada's first fragrance, which was taken off the market after two years in the early Nineties. The initial license was with Orlane, but Bertelli said the contract was broken on nonperformance issues. "We were a younger company then; we didn't know as much as we know now," Bertelli said. He added that a new Prada innerwear line will debut in June, as planned. According to the company's no-license strategy, the new collection is being produced in-house. It also won't bear a Prada logo, as some designer innerwear lines do. "It won't have any names, initials or little metal triangles," Bertelli said. "It is for people who don't want names on their underwear." Bertelli added that a home line is also still in the works for 1998. Overall, Bertelli said, Prada expects to invest about $102 million (157 billion lire) in additional production and distribution facilities and advertising this year.
Breaking News: @louisvuitton's men's artistic director @mrkimjones is leaving the French fashion house after nearly 7 years. Jones joined Louis Vuitton in 2011, following a three year tenure as creative director of British luxury goods brand Alfred Dunhill. Jones is to exit Louis Vuitton after showing his fall 2018 collection for the brand in Paris on Thursday. Read the full exclusive story on WWD.com. Link in bio. #wwdnews #wwdfashion
For men’s fall 2018, @giuseppezanotti drew on elements from streetwear, sport, biker, combat and rock ‘n’ roll. Pictured here are a pair of shoes from the collection, featuring zippers, rhinestones, and silver hardware. Head to WWD.com to see a roundup of the accessories from Milan’s men’s fall 2018 shows. #wwdfashion (📷: Andrea Delb)
To celebrate the 25th anniversary of @ralphlauren’s snowboarding collection, the brand is mining its archives. The iconic brand is reintroducing vintage styles and dropping new designs for a color capsule that will be available in Ralph Lauren stores and @openingceremony on January 25. The capsule will consist of 10 pieces, including the Snow Beach Pullover, pictured here, which is a collector’s item that rapper Raekwon wore in Wu-Tang Clan’s “Can It Be All So Simple” video. #wwdfashion (📷: Tom Gould)
For @rochasofficial’s pre-fall 2018 collection, creative director Alessandro Dell’Acqua channeled the sophisticated and intriguing Catherine Denevue in the film “Belle de Jour.” Polished collarless coats, midi skirts, suits and ’60s graphic motifs were all featured in the collection, adding a sense of discreet luxury. See the rest of the photos on WWD.com #wwdfashion
“We tried to produce clothing of that couture quality, but the most daunting part was that we only had a matter of days [to do it],” said costume designer Lou Eyrich, who recreated Gianni Versace’s iconic looks for @americancrimestoryfx. Eyrich searched online retailers and vintage shops for original pieces from the design house and for @penelopecruzoficial, who plays Donatella Versace. Head to WWD.com to read how she created the Versace world. #wwdfashion
Only three months after her stellar debut catwalk season, @kaiagerber has inked her first big design collaboration –– with @karllagerfeld. The collection blends Lagerfeld’s Parisian chic aesthetic and the model’s signature West Coast casual style via RTW, accessories, footwear and more. The #KarlLagerfeldxKaia collection will launch in September with a series of events. Get all the details on WWD.com. #wwdnews #wwdfashion
Harrods plans to remove the famous statue of Princess Diana and Dodi Al Fayed from the bottom of the Egyptian escalators and hand it back to Mohamed Al-Fayed. “We are very proud to have played our role in celebrating the lives of Diana, Princess of Wales and Dodi Al Fayed at Harrods and to have welcomed people from around the world to visit the memorial for the past 20 years,” said Michael Ward, Harrods managing director. “With the announcement of the new official memorial statue to Diana, Princess of Wales at Kensington Palace, we feel that the time is right to return this memorial to Mr. Al Fayed and for the public to be invited to pay their respects at the palace.” More on the news, with reporting by @loreleimarfil, at WWD.com. #wwdnews