Prada is still drawing large queues at outlets in Asia and Europe, those queues are one third smaller than they used to be. Branding expert and author Shaun Rein sees Prada has more problems with Chinese customers than the ongoing anti-corruption campaign, he tells in CNBC.
Shaun Rein, managing director at China Market Research Group, believes Prada’s challenges in the mainland run deeper than Beijing’s anti-extravagance campaign.
On one hand it doesn’t have the brand loyalty among wealthy mainlanders, who favor brands like Chanel or Hermes. And on the other hand, it’s out of reach for the middle class.
“It’s not going to be easy for Prada,” Rein Said. “They are going to have to look at their product mix, target younger, female customers who are typically more optimistic and spend more, and push their Mui Mui brand rather than Prada.”
Are you looking for more branding experts at the China Speakers Bureau? Do check our latest list.