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The company was begun in 1913 by Mario Prada and his brother Martino as a leather gains shop Fratelli Prada in Milan, Italy. Originally, the shop sold animal gains and imported English steamer trunks and handbags.
Mario Prada did not believe that women should have a purpose in business, and so he restrained female family members from enrolling in his company. Ironically, Mario's son harbored no concern in the business, so it was Mario's daughter Luisa Prada who utilized the helm of Prada as his replacement and managed it for almost twenty years. Her own daughter, Miuccia Prada, entered the company during 1970, ultimately taking over for her mother during 1978.
Miuccia acquired the company during 1978 by that time sales were up to U.S. $450,000. Among Bertelli alongside her as a business manager, Miuccia was given time to perform her creativity in the company's designs. She would go on to combine her ideas into the house of Prada that would replace it.
She released her initial set of backpacks and totes during 1979. They were made out of a strong military spec black nylon that her grandfather had applied as coverings for steamer trunks. Primary success was not instant, as they were difficult to sell due to the necessity of advertising and high prices, but the lines would move on to become her first commercial hit.
Next, Miuccia and Bertelli sought out wholesale accounts for the bags in upscale department stores and boutiques worldwide. In 1983, Prada opened a second boutique in the centre of the Galleria Vittorio Emanuele in Milan's shopping heart, on the site of the previous historic "London House" emporium run by Felice Bellini from 1870 to the 1960s, reminiscent of the original shop, but with a sleek and modern contrast to it.
Sales were recorded at L 70 billion, or US$31.7 million, during 1998. Patrizio di Marco took care of the expanding business in the United States after striving for the house in Asia. He was prosperous in having the Prada bags prominently represented in department stores so that they could enhance a hit with fashion editors. Prada's continued progress was attributed to its "working-class" theme which, Ginia Bellafante at The New York Times Magazine announced, "was becoming chic in the high-tech, IPO-driven primal 1990s." Moreover, now husband and wife, Miuccia and Bertelli began the Prada label on a cautious increase, making goods hard to come by.
During 1992, the high fashion brand Miu Miu, called after Miuccia's nickname, launched. Miu Miu provided to younger consumers, such as celebrities. Through 1993 Prada was awarded the Council of Fashion Designers of America award for associates.
The company's incorporation and purchasing sprees slowed in the 2000s. Nevertheless, the company contracted a loose agreement among Azzedine Alaia. Skincare commodities in unit doses were acquainted in the United States, Japan, and Europe in 2000. A 30-day supply of scrubbing lotion was marketed at the local price of US$100. To assist pay off debts of over US$850 million, the company organized a listing of 30% of the company on the Milan Stock Exchange during June 2001. However, the offering relaxed subsequent declines in spending on luxury gains in the United States and Japan. During 2001, under the pressure of his bankers, Bertelli sold every of Prada's 25.5% percentage in Fendi to LVMH. The sale built only US$295 million.
Prada is the foremost buyer from the Turkish leather factory DESA, which was affirmed guilty by the Turkish Supreme Court of illegally terminating workers who joined a union. The Clean Clothes Campaign, a labor rights arrangement based in Europe, has declared on Prada to secure that freedom of association is upheld at the factory. Toward January 30, 2013, the Clean Clothes Campaign informed, "Trade Union Harassment Continues at Prada Supplier".
On May 6, 2011, the Hong Kong Stock Exchange was cited on allowing Prada’s IPO during Prada Gender Discrimination Case which Prada was eventually to win. Feminist NGOs and Hong Kong Legislative Council lawmaker Lee Cheuk-yan complained in front of the Hong Kong Stock Exchange.
During February 2020, Miuccia Prada and Patrizio Bertelli called the Belgian designer Raf Simons as a co-creative director.
America's Cup and the Prada Cup
Patrizio Bertelli's enthusiasm for sailing led Prada to develop Team Luna Rossa in 1997 to participate in the America's Cup. On September 28, 2017, it was declared by the Royal New Zealand Yacht Squadron that Prada will be the hosting sponsor of the Challenger Selection Series through the 2021 America's Cup, succeeding the role of Louis Vuitton began in 1983.
The Challenger Selection Series that was the Louis Vuitton Cup, will soon be recognized as the Prada Cup, and the America's Cup Match will be impersonated by Prada. It will be retained in Auckland, New Zealand, in January 2021.