Leather Sales Plummet at Prada
Luxury fashion brand reports a 22-percent decline in leather sales.
September 6, 2016
Italian-based fashion brand Prada reported a 22-percent drop in sales of its leather items for the first half of 2016. The company is facing declining sales of 15 percent across all geographical regions with leather goods, an historically profitable category for the company. In an attempt to revive company profits, Prada recently introduced two leather handbags—Prada Cahier and Miu Miu Dahlia—but still failed to increase consumer interest. The fashion brand plans to revive its brand image with refurbished stores and online partnerships. Meanwhile, brands such as Aritzia, Vagabond, and Hayden-Hartnett are opting for cruelty-free fibers to stay salient with consumer trends, and textile producers are creating innovative animal-free leather from pineapples, mushrooms, and kombucha.