Prada: The Story of an Icon

Prada is one of the most iconic and renowned luxury fashion houses in the world. When you think of Prada, you probably think of the trademark triangle logo, minimalist lines, and luxury that whispers rather than shouts. But its story isn't just about handbags, suits, and sky-high shoes. It's a tale of reinvention, rebellion, romance, and how one woman took a leather goods store in Milan and turned it into a global powerhouse.

• From leather goods to luxury: Prada began in 1913 as a small Milan shop, later transforming into a global brand thanks to Miuccia's innovative vision.

• Miuccia's revolution: Miuccia Prada reshaped luxury fashion with her minimalist approach, introducing nylon and creating the iconic Prada Vela backpack.

• A dynamic duo: Miuccia and Patrizio Bertelli's partnership combined creativity and business savvy, expanding Prada into footwear, ready-to-wear collections, and marriage.

• Prada today: Prada thrives in the luxury market, with Prada and Miu Miu accounting for roughly 90% of the group's total revenue.

Prada's origin story starts back in 1913 in the heart of Milan, when brothers Mario and Martino Prada opened a small boutique called Fratelli Prada in the now very famous Galleria Vittorio Emanuele II. They specialized in high-quality leather goods, suitcases, and steamer trunks.

Back then, Milan wasn't the fashion mecca it is today, and the brothers weren't focused on high-end custom clothing. They were artisans, crafting beautiful, functional handbags and luggage that catered to Europe's traveling elite.

Prada's flagship store and first-ever store in Galleria Vittorio Emanuele II.

Prada's flagship store and first-ever store in Galleria Vittorio Emanuele II.

Mario, the driving force of the business from the start, didn't think women should be involved in running it. He believed the family's men would carry the torch, but life had other plans. To his disappointment, Mario's son wasn't interested. In a somewhat poetic irony, it was his daughter Luisa Prada who took over the family business in 1958. She ran the show for 20 years, keeping the business afloat rather than expanding it.

The real turning point came in 1978 when Luisa's daughter, Miuccia Prada, stepped into the spotlight. Miuccia wasn't your typical heir. She studied political science at the University of Milan and explored performance art as a mime at the Piccolo Teatro, something that didn't exactly scream "luxury brand CEO." But maybe that's what Prada needed – a rebellious self-thought designer and disruptor with big ambitions.

She wasn't interested in the family business at first, but everything changed when she finally took the reins. She had a knack for blending tradition with innovation, turning practical items into high fashion.

Her first major breakthrough? A simple black nylon backpack called the Prada Vela. Launched in 1984, it was sleek, understated, and utterly revolutionary. Nylon? For luxury? It sounded crazy at the time. But Miuccia's vision was clear: luxury didn't have to be loud.

Adorned with the now-iconic triangular Prada logo which almost everybody recognizes today, that backpack became a symbol of modern elegance. It was functional and unpretentious, yet it whispered "I have taste."

The Vela backpack – one of Prada’s most iconic products.

The Vela backpack – one of Prada’s most iconic products.

Another central figure in the Prada story is Patrizio Bertelli, who met with Miuccia at a Milanese trade fair in 1977. This meeting wasn't just the start of a personal relationship – it was the beginning of a dynamic partnership that would shape the modern luxury landscape. Their professional relationship deepened over the following years, leading to Bertelli's formal integration into the company in 1978 (the same year that Miuccia took over Prada).

Patrizio had already made a name for himself by running his own leather goods company since 1968, which he founded while still a university student. When he and Miuccia joined forces, it was a meeting of two creative and business-savvy minds. While Miuccia had a flair for design and an unconventional vision for fashion, Patrizio brought a sharp business mind and a knack for innovation. Together, they were unstoppable.

In 1979, the couple decided to take a bold step forward. They launched Prada's very first luxury footwear line, an ambitious move that signaled their intent to expand the brand beyond its roots.

The collection was a hit, capturing the attention of discerning buyers who appreciated the craftsmanship, elegance, and modernity of Prada's designs. It wasn't just a successful product launch – it was a statement. Prada was no longer just about bags and trunks; it was evolving into a full-fledged luxury powerhouse.

Exactly when the relationship evolved into a romantic one is not clear, but Partizio and Miuccia got married in 1988, roughly a decade after they met for the first time. Fast forward to 2014, and Patrizio officially stepped into the role of co-CEO alongside Miuccia, formalizing what had long been a partnership in practice.

Prada wasn't just a family-run business by then – it was a global empire. But at its heart remained the collaboration that started it all: a marriage of creativity and business, fueled by mutual respect and a shared passion for pushing the boundaries of luxury.

Prada initially only produced leather goods. But the company took a big leap in 1988 by introducing the first ready-to-wear collection during the Milan Fashion Week (the same year that Miuccia and Patrizio got married). The collection was inspired by Miuccia's own wardrobe, particularly her fondness for school uniforms, characterized by a heavy use of black and brown.

Her designs often played with contrasts – feminine vs. masculine, past vs. future, plain vs. luxurious. She didn't just follow trends; she subverted them. Prada wasn't about flashy logos or over-the-top embellishments. It was subtle, intellectual, and quietly confident.

Take the infamous 1996 movie The Devil Wears Prada. Even though the title suggests a flamboyant, over-the-top fashion house, Prada was – and still is – the opposite. It's about restraint, the art of saying just enough. Miuccia once said she didn't want her clothes to make women sexy but to make them "strong."

Prada didn't stay in its lane. The brand started expanding aggressively. The acquisition of Jil Sander, Helmut Lang, and Church's Shoes showed Prada was serious about global domination. Meanwhile, Miuccia launched Miu Miu in 1993 – a younger, edgier sister brand named after her own childhood nickname. It was playful and experimental, offering a counterpoint to Prada's more serious tone.

And let's not forget Prada's architectural obsession. Collaborating with world-renowned architects, often referred to as "starchitects," Prada has transformed its major stores into architectural masterpieces that blur the line between retail and art. Just visit the Prada Epicenter in New York or Tokyo, or the flagship store in Galleria Vittorio in Milan – it's like stepping into another world.

The Prada Group was established in 2003 as a strategic move to consolidate and manage the various luxury brands acquired over the years. This formation allowed for unified management and operational efficiency across its increasingly diverse portfolio.

The next big leap came on June 24, 2011, when the Prada Group went public on the Hong Kong Stock Exchange. The choice of Hong Kong was no accident; it was a calculated decision to tap into Asia's booming luxury market, particularly in China, where demand for high-end fashion was skyrocketing. The IPO was a resounding success, raising approximately $2.14 billion and valuing the company at $13 billion.

Here we are in 2024, with the Prada Group generating €5.2 billion in sales on a TTM basis. Prada and Miu Miu together accounted for approximately 90% of sales in the third quarter of 2024, making it clear that today's Prada Group revolves primarily around these two brands.

Thanks to Miu Miu's incredible performance, Prada has emerged as one of the best-performing luxury companies this year, with its stock up 25% year-to-date. Miu Miu's sales grew an impressive 105% year-over-year, compared to Prada's 2% growth. While Miu Miu's growth comes from a smaller base, its importance to the group continues to rise, now contributing 23% of total sales on a rolling basis in the latest quarter. Visualizing Miu Miu's incredible momentum:

Here's what Patrizio Bertelli, still the Prada Group Chairman and Executive Director, had to say about the brand during their latest earnings call (sourced with Quartr Pro):

Miuccia stepped down as co-CEO of the Prada Group on January 26, 2023. Andrea Guerra was appointed as the new CEO on that date, while both Miuccia and her husband ceased their roles as co-CEOs. Miuccia continues to serve as an Executive Director on the Board and maintains her creative leadership positions as Co-Creative Director of Prada, alongside Raf Simons, and as Creative Director of Miu Miu.

In a world obsessed with instant gratification and loud consumerism, Prada's quiet power feels refreshing. It reminds us that luxury isn't just about price tags or Instagram likes – it's about craftsmanship, thoughtfulness, and a touch of rebellion.

And that's the beauty of Prada. It's not just a brand; it's an attitude – a way of seeing the world that's both elegant and unapologetically unique.