The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The Italian luxury label’s initiatives include the development of paid internship, mentorship and scholarship programmes, as well as a gender equality educational module. The Prada Group’s scholarships will provide full tuition, and room and board to the Fashion Institute of Technology (FIT) for one top-performing student of colour from the US and one top-performing female student from Ghana or Kenya. Launched in partnership with the United Nations’ sexual and reproductive health agency, Prada’s fashion and design-based educational module will focus on empowering women socially and economically in Ghana and Kenya.
The luxury goods maker is seeking pricing harmonisation across the globe, and adjusts prices in different markets to ensure that the company is”fair to all [its] clients everywhere,” CEO Leena Nair said.
Hermes saw Chinese buyers snap up its luxury products as the Kelly bag maker showed its resilience amid a broader slowdown in demand for the sector.
The group’s flagship Prada brand grew more slowly but remained resilient in the face of a sector-wide slowdown, with retail sales up 7 percent.
The guidance was issued as the French group released first-quarter sales that confirmed forecasts for a slowdown. Weak demand in China and poor performance at flagship Gucci are weighing on the group.