Paris, 2 April 2024
In an exclusive interview with WWD made after his appointment as CEO of Prada in January 2022, Gianfranco D’Attis speaks candidly about the brand’s meticulous focus on details and its strategy centered on long-term growth in the retail sector, particularly highlighting the Chinese and American markets.
D’Attis, whose resume shines with presidencies at Christian Dior Couture Americas and a stint at Jaeger-LeCoultre, has played a key role in directing Prada’s retail strategy since taking the helm amid a managerial reorganization of the group.
Under his leadership, Prada has seen a notable 12% increase in retail sales in 2023, with a 10% growth in the fourth quarter alone, demonstrating the brand’s consistent and unwavering investment in quality and long-term growth.
While Miu Miu, Prada’s sister brand, experiences exponential growth, D’Attis ensures that Prada remains the core revenue generator for the group, which reported an impressive revenue of 4.72 billion euros last year, marking a 13% increase from 2022.
One of the highlights of the interview is Prada’s unwavering commitment to excellence in retail.
D’Attis attributes the company’s impressive performance to a well-balanced product mix that fuels both growth and resilience, bolstered by Prada’s constant investment in the brand without compromising on quality.
In terms of retail, Prada is shifting gears towards a more organized approach, focusing on the productivity of comparable stores and converting new young customers into brand ambassadors.
D’Attis’s vision for Prada is not just to maintain its market share but to aggressively increase it in the face of the macroeconomic, social, and geopolitical challenges of 2024.
D’Attis emphasizes that after three years of exceptional growth, the market is normalizing, and Prada is ready to focus on a strategy that transcends mere product sales to tell a captivating brand story, the ‘Pradaness’, to its customers.
Innovation at Prada is not limited to products but also extends to the customer experience.
The recent opening of a private apartment in their Parisian store on Rue du Faubourg Saint-Honoré is a perfect example of Prada’s strategy to enhance customer intimacy and trust.
The luxury sector’s movement towards more personalized and unique shopping experiences strongly resonates with Prada’s ethos under D’Attis’s leadership.
Discussing the brand’s growth drivers, D’Attis emphasizes the importance of expanding into under-penetrated markets such as China and the U.S.
With plans to enhance distribution through larger and more attractive stores offering a better customer experience, Prada targets growth in key areas and adapts its strategy to the dynamic nature of the luxury commerce.
However, it’s not just geographical expansion on Prada’s agenda.
The brand is exploring new categories such as recycled gold jewelry and homeware items, selectively integrating them into their flagship stores and epicenters to attract new young consumers.
But the approach remains selective; Prada has no intention of diluting its presence by being everywhere.
With a focus on achieving a balanced approach between men’s and women’s ready-to-wear and innovative ventures that connect art, hospitality, and commerce (as in their Epicenters), Prada under D’Attis is not just surviving in the competitive luxury market but setting high standards for a unique and cultural shopping experience.
D’Attis’s leadership style — detail-oriented, creative, innovative, and customer-centric — steers Prada into a new era.
His dedication to forging a ‘Pradaness’ experience for customers, coupled with the creative spirit fueled by Miuccia Prada and Raf Simons, suggests that Prada is not just selling luxury but an entire culture.
As the luxury market continues to evolve, Prada, under Gianfranco D’Attis’s meticulous governance, is positioned not only to adapt but to thrive, ensuring that its ‘Pradaness’ resonates with every customer who walks through the doors of their stores, whether in the bustling heart of New York or the fashionable streets of Milan.
Image credit: Linkedin
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