A Case Study of PRADA- Business Report

   

Added on  2020-01-28

11 Pages2840 Words2160 Views
Business Report- Value Analysis(A case study of PRADA)1
A Case Study of PRADA- Business Report_1
EXECUTIVE SUMMARY The manuscript herewith purpose conducting an innovation audit for a luxurious fashionindustry. For this purpose, a leading Italian luxury fashion house, named as “Prada” is taken intoconsideration. The cited company deals with ready-to-wear leather and fashion accessories,shoes, luggage, perfumes, watches etc. The luxury fashion industry has been become morecompetitive due to ever-changing needs of customers. In respect with the Italian fashionindustry, it is expected to grow by 6.5 percent in the first half of 2016. To cope up with futureneeds the fashion brands need to prepare themselves for adopting rapid changes as the industrydepends on flexible and innovative practices. From the report, it is concluded that the citedfashion brand has to focus on sustainable and environmental friendly practices along with usingcutting age of technology to remain competitive in the marketplace. 2
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Table of ContentsEXECUTIVE SUMMARY ............................................................................................................2INTRODUCTION ..........................................................................................................................4The organization and industry review .............................................................................................4Prada and its innovation history ..................................................................................................4Prada existing innovation performance and capabilities ............................................................5The fashion industry in 2016 .....................................................................................................5The future of fashion industry 2020 and Beyond ..........................................................................6The organizations Innovation Requirements 2020 and Beyond .....................................................7Closing the Innovation Gap............................................................................................................8Building the innovation capabilities for the organization ...........................................................8CONCLUSION ..............................................................................................................................9REFERENCES .............................................................................................................................103
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INTRODUCTION Innovation is the foremost requirement of organization because it looks further towardsthe competitive advantage through unique offerings. In today's competitive era, innovation andthe role of technology are seen in every market, aimed to attract customers and gainingcompetitive advantage. The report herewith purposes at conducting an innovation audit for aleading Italian luxury fashion house, named as “Prada” which deals with ready-to-wear leatherand fashion accessories, shoes, luggage, perfumes, watches etc (Prada Group. 2015).Furthermore, this report is going to examine the organizational innovation history, present levelof innovation activities and future innovation requirements. The next section of this report willidentity the present innovation capabilities and ways to improve these capabilities of Prada tomeet the future innovation challenges and requirements.The organization and industry review Prada and its innovation history Prada was founded in 1913 by Mario Prada into the fashion World in Milan, Italy.Outlets of Prada are found worldwide and are seen very influential in the fashion world. Being ahigh class luxury clothing and apparel dealers, Prada always focuses on quality of products andinnovation in goods. The cited organization is known for its unrivalled quality, soaring prices aswell as its classy and sexy apparel lines. Prada, Miu Miu, Car Shoe and Church’s are the majorprestigious international brands that are associated with cited group. Miuccia Prada is an Italianfashion designer which is associated with Prada brand and has been credited for manyinnovations in the fashion industry. Famous innovations of this group include use of beaded latexand mirror fragments in clothing designs. The mentioned fashion brand is engaged in the world of ideas and innovation as it alwaysconsiders fashion, luxury, and style at the time of producing clothes, shoes and bags. Followingan innovative culture, company is involved in carefully observing the needs of society and isbeing curious about the world, society and culture. Along with this, the group focuses towardsquality which starts from the creative process. Here, quality, an innovative approach has enabledPrada to anticipate and set trends while continuously experimenting with shapes, fabrics, leathersand innovative production techniques. Distribution activities of the cited brand are applied with4
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