Prada renovates historic retail complex in Milan, Italy
Italian luxury group Prada has renovated and expanded its historic retail complex in Milan’s Galleria Vittorio Emanuele II. The project is intended to strengthen the brand’s ties with its wealthiest clients and attract new customers, Asharq Al-Awsat reports, citing an interview that the company’s CEO Andrea Guerra gave to Reuters.
Eight levels and private spaces
Prada previously had separate menswear and womenswear stores in the gallery. The women’s store is located on the site of the original Fratelli Prada boutique. Following the renovation, these spaces were connected by an underground tunnel.
The tunnel features silver-coated Prada bags reimagined by British artist Damien Hirst, as well as the Chandelier dress worn by Carey Mulligan in director Baz Luhrmann’s film adaptation of the novel “The Great Gatsby.”
The complex, which spans eight levels, is also connected to the Marchesi pastry shop, owned by Prada and located next to the menswear store. It includes a permanent exhibition floor, spaces for appointment-only personalized shopping, and apartments for private dinners and special events.
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Focus on personalized experience
According to Guerra, Prada expects the complex to generate annual revenue of €100 million, or $115 million. The group’s sales totaled €5.7 billion last year. The company did not disclose the amount invested in the renovation.
The Prada executive noted that the in-store experience component is becoming increasingly important for customers, including private spaces for receiving clients and venues such as Prada Caffè. The company has already opened “apartments” in various cities around the world and plans to open such spaces in 25 leading world capitals.
At the same time, Prada intends to maintain relative price stability for entry-level products for customers seeking to buy the brand’s goods. The group plans to expand its price range through product exclusivity, personalization, and craftsmanship.
