In this article we will cover the detailed brand equity analysis of Prada based on the following factors:
Brand Associations
Prada is the symbol of sophistication, elegance, and style, and it offers a wide range of high-profile products for men and women. It is providing the variety of leather bags, readymade clothes, fragrances, watches, sunglasses, footwear, and home products. Mario Prada offers high-quality functional travel accessories and elegant collections of products, and it uses the high-class unconventional fabrics. Prada has a variety of jewelry, cosmetics, and handbags for women, and it has a range of kids’ clothing and Miu-Miu product-line for youngsters. It also offers a lifestyle and sports line under the brand Linea Rossi.
Brand Awareness
Prada targets the consumers like Intellectuals, Cultural Creative, Innovators, and those affluent consumers who are ready to spend more. It has used an aggressive marketing strategy as it has its website where consumers find every little detail of their required product. Prada had publicized itself through advertisements in famous magazines like Elle and Vogue. One of the excellent marketing strategies nowadays is commercial advertising events, and Prada had plenty of fashion programs in which it had introduced its supermodels. The models from the fashion-shows have also shown in advertisements to create a long-lasting impact on consumers.
Brand Loyalty
Prada charges the highest price for their highly expensive products, and customers are willing to pay whatever the price is because of its tremendously positive brand value. The rates at which Prada charges for its products are comparatively higher than other luxury brands like Gucci and Louis Vuitton, and it has maintained the highest share in the market. The loyal customers have created the limited atmosphere for the competitors, which gives the advantage to the brand. The net income of the Prada was €333.3 million in 2016.
Brand Assets
The famous architects Rem Koolhaas and Herzog & de Meuron designed the flagship stores of Prada at different locations, and these stores are called Prada Epicenters. Prada has more flagship stores in various countries of the world like in India, Australia, Canada, U.S.A, Germany, U.A.E., Europe, UK, Indonesia, South Asia, Russia, and Hong Kong. It opened the largest boutique at the Mall of the Emirates, and it has more than 618 boutiques all across the world. The Prada owned a 13th century Palace, Ca’ Corner Della Regina, in Venice, and it converted that Palace into an exhibition place. It also has its e-commerce websites and e-stores online, which shows the significant presence of the brand in almost every possible marketing place.
Brand Elements
The logo of the company shows the proud past as an Italian supplier of leather to the Royalty. The Prada’s logo is as stylish, decent, and elegant as the accessories and clothing it is providing to its customers. The color of the logo is plain black, and it shows the brand name PRADA in bold and capitalized letters. All the brand’s logos are black, which makes it more unique and stylish as compared to the other brands. Sometimes, its logo appears in gold and white color