Italian luxury group Prada is taking a bold step into the digital realm by teaming up with JD.com, one of China’s leading e-commerce platforms. This marks the first time Prada has participated in JD.com’s “Shopping Festival”, a highly influential event that took place on June 18th. With a staggering 305 million users, JD.com ranks among the top 15 retailers globally, making it an ideal platform for luxury brands seeking to tap into China’s thriving luxury market. By joining forces with JD.com, Prada allows its customers to easily purchase their favorite pieces from the Fall/Winter collection online.
The decision to partner with JD.com reflects Prada’s strategic efforts to solidify its global presence and expand its market reach. With the luxury market in China poised to grow by 20% by the end of the year, Prada is making a significant push to enhance its international influence. The brand has also teamed up with Oracle, a prominent technology solutions provider, to optimize its retail strategy and enhance its online operations. In addition to these strategic initiatives, Prada is prioritizing the reinforcement of its brand image and targeting the lucrative millennial market. This includes introducing a jewelry line and transitioning towards more sustainable materials by abandoning the use of fur.
Despite substantial investments impacting its net results and causing a decline of 17%, Prada witnessed positive growth in its revenues in 2018, marking the first time in four years with a 6% increase. This suggests that its efforts to position itself as a premium brand and appeal to younger consumers are yielding positive results.
Looking ahead, Prada’s other brands, Miu Miu and Car Shoe, are expected to follow suit and establish a presence on JD.com in the coming weeks. By embracing digital solutions and leveraging the power of online platforms, Prada is priming itself for success in the rapidly evolving luxury market. As China’s luxury market continues its upward trajectory, this strategic move positions Prada to expand its global footprint and captivate discerning consumers.
Useful links:
1. JD.com: JD.com’s official website allows users to explore and experience the e-commerce platform.
2. Oracle: The official website of Oracle provides information about the technology solutions provider and its offerings.
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