Supply Chain Strategy for Pradas Empire - Research Paper Example

?PRADA’S EMPIRE INTRODUCTION The most common perception about luxury is that it is something that is rarely experienced by a person because it is expensive to purchase (Bruce, Moore, & Birtwistle, 2004). One can tell about the status of a certain person when that person possesses or uses a luxury brand for prestige. Salviolo and Testa categorized luxury brands that belonged in the luxury industry (n.d., cited in Bruce, Moore, & Birtwistle, 2004): fashion and leather goods; watches and jewellery; perfumes and cosmetics; wines and spirits; selective or other retailing; and other businesses which are often associated with arts. There are factors that differentiate a luxury business from other type of businesses, and one of it is the size of the company (Chevalier & Mazzalovo, 2008). Usually, luxury companies are small. But despite the size, these firms earn huge reputations in the worldwide market. The most unique, intriguing and special type among luxury brands is the fashion brand (Okonkwo, 2007). Some experts would say that these products are means of lifestyle which are triggered by deep psychological and emotional needs (Okonkwo, 2007). The evolution of the fashion concept in handling the business (from traditional way of making decisions through intuition) brought many challenges to the fashion industry to become more modernized in coping with the growing global economy. Shifts of these business concepts are usually associated with brand equity, brand asset valuation, e-business, and market expansion and competition (Okonkwo, 2007). The most important business operation that fashion industries are mainly concerned with is their supply chain management. It starts from the procurement stage where supplier sourcing falls. Their strategic sourcing decisions comprise with design, specifications, purchases (costs), and deliveries (Hines, 2007). The company has to decide whether their sources would be from local suppliers or international suppliers. Next is manufacturing stage and replenishment stage which comprises the operations in producing the products towards distributions: licensing, retailing and wholesaling (Bruce, Moore, & Birtwistle, 2004). The company's cash flows and product demands will be determined after it reached on the final stages, the customer and consumption stages (Hines, 2007). Overall, the most important aspect in keeping the luxury goods to stay competitive is the strength of its brand. It is because brand association is the main reason why consumers are purchasing luxury goods (Okonkwo, 2007). Prada is one of those top luxury fashion companies who values the importance of giving the customers outstanding quality, creativity and exclusivity. It is known as a prominent example of a new form of inward-directed luxury (Krebs, n.d.). The customers recognize the products as a "personal and important part of their desire for self-expression and communication with the world around them" (Prada Group, 2009). Its products are mostly women’s wear, men’s wear, leather bags (handbags, suitcases and purses), shoes, belts, wallets, sunglasses, and beauty and fragrance products. Its luxury products are well-known since 1919 when they became official supplier to the Italian Royal Family. 2. BRIEF HISTORY The empire of Prada began in 1913 when its founder, Mario Prada, introduced its brand label. Leather bags, trunks, beauty cases and accessories are among the major products sold when Mario opened its exclusive store in Milan (Prada Group, n.d.). Miuccia Prada, who is the founder's granddaughter and the present Chairwoman of Prada Group, entered into the family business in 1978. Though she didn’t have any experience about fashion (Polan & Tredre, 2009), she took over the family-owned business after her PhD in Political Science. Together with her husband, Patrizio Bertelli (current CEO), they turned their business into a fashion powerhouse. Bertelli is mainly in-charge for the marketing strategies and commercialization of the products (Krebs, n.d.). After a long research and development of production techniques, technology and innovative materials (Prada Group, n.d.), Prada launched many types of fashion lines and collections. Its core brands are Prada, Miu Miu, Car Shoe and Church’s (Prada Group, 2009). In 1983, Prada opened its store in Via della Spiga in Milan which commenced its new brand image along with its inverted triangle-shaped metal logo and trademark color, pale-green. Few years after, other stores were opened in New York, Madrid, London, Paris and Tokyo. In 1993, the Milano Prada Arte was opened (today known as Fondazione Prada) to exhibit artworks designed by contemporary artists (Fondazione Prada, n.d.). Other clothing lines were also launched, like Prada Sports and Ready-to-Wear (RTW) clothes for men and women. The Headquarters of Prada in Milan began its construction in 1999. In 2001, the first Prada Epicenter was opened in New York, while the second and third Prada Epicenter was opened in Aoyama, Tokyo and Rodeo Drive, Beverly Hills, Los Angeles, respectively. Prada's Headquarters in America was built in New York in 2002 (Prada Group, n.d.). 3. BRAND IMAGE, CONSUMER PROFILE AND ENVIRONMENT Prada's high-end product positioning in the market and premium price made its image more attractive. Its major consumers can be described as classic individuals who want to express their creative sides (Araujo, et al., n.d.). Most consumers put more recognition on the brand association rather than the product itself. These consumers are willing to pay what's being said in the price tag even though the figures are ten times more expensive than any other brands. In fact, Prada was ranked as No. 12 in UK’s 100 Most Desired Brands in 2011; its 2010 spot was at No. 14 (Clear, 2011). The company’s key in building and maintaining its brand image is through effective communication (Prada Group, 2009). The company communicate their products through advertising campaigns, fashion shows (especially during Fashion Week events), editorial coverage featured in worldwide magazines, cultural and commercial in-store events (like “Waist Down skirt exhibition) and sports events. Furthermore, with the publication of the bestselling novel, “The Devil Wears Prada” in 2003 (which later appeared in films in 2006), only testifies that Prada already earned an international brand image that defines elegance and style (Prada Group, 2009). The environment of the company is characterised by a strong sense of ethical integrity. It is inspired by corporate principles in establishing objectives, investments, project implementations, and all decisions and actions related to the management (Prada Group, ethics). 4. SUPPLY CHAIN MANAGEMENT 4.1 PRADA’S STRATEGIC PROCESSES The Group enumerates its strategic processes in producing quality products every time they present their Consolidated Financial Statements. The first step of the value chain is the creative process (Prada Group, 2009). Miuccia's creative designs are usually based from her cultural and social interests (Prada Group, 2009) that led to the distinctive trademark of Prada products (Krebs, n.d.). Its designs and concepts are described as contemporary classic, luxurious, comfortable to use, elegant, and symbolic and evocative artistic style (Araujo, et al., n.d.). The second step is the production process. In this step, the choice and selection of fabrics, leathers and other raw materials are carefully chosen. Choosing the quality of the fabric is very crucial for Miuccia. Before she would present a new collection every season, she would ask help first from textile and fabric mills to create a fabric that would match her ideas and satisfy her taste of fashion (Betts, 2007). The production processes are being operated at Prada's facilities located in Italy and England (Prada Groups, 2009) wherein overall operations and labor are monitored. Its production employees, with an average of 20 years of service in the company, define top quality products produced because of highly skilled individuals. Another step is the distribution process. The most significant development of Prada’s distribution is Epicenter Concept Store Program (Prada Group, 2009) with the goal to have a new style of shopping and innovative experience with customers. It was designed by well-known architects, Rem Koolhaas (Rotterdam-based firm - the Office for Metropolitan Architecture) for USA epicenters, and Herzog & de Meuron for Tokyo epicenter (Lobo, Giammalvo, & Quinn 2003). The company expanded in around 80 countries. A total of 238 stores are located in the regions of Europe, North America and Far East. The lists of store locations are (Prada Group, n.d.c.): 1.Europe - Austria, Czech Republic, France, Germany, Greece, Ireland, Italy, Portugal, Monaco, Russia, Spain, Switzerland, Turkey and United Kingdom; 2. North America - Canada and United States; 3. Far East - Australia, China, Guam, Hong Kong, Japan, Korea, Macau, Malaysia, New Zealand, Saipan, Singapore, Taiwan and Thailand. There are 265 Directly Operated Stores (DOS) developed as Prada’s distribution channels. This network helps increase the market presence of its brand since it provides customer relationship and information about a product (Prada Group, 2009). Retailing and wholesaling will usually comprise the overall revenues generated by the company. Some of Prada's suppliers, distributors and wholesalers are: Manchester, est. 1989 (clothing wholesaler); Brighton, est. 2003 (sunglasses and optical frames supplier); Surbiton, est. 1976 (perfumes and fagrance); and Corsham (handbags wholesaler) (Prada suppliers, n.d.). During international events, like the opening of the Prada Transformer in Seoul, South Korea on April 25, 2009, The United Parcel Service Inc. (UPS), was chosen to take responsibility in the transportation of Prada materials being used. It’s one of the largest package delivery and global leader in supply chain and freight services. UPS then became Prada’s trusted logistic partner because of its Supply Chain and Small Package division who handles all logistics and stages of delivery, from Italy towards its destinations, through UPS’ air hubs and reliable storage facilities (UPS Press room, 2009). 4.2 USE OF TECHNOLOGY Prada is one of those retail businesses who exploits the availability of technology. Prada asked IconNicholson, a New York software developer, to design a display screen for the products inside the retail stores. The Texas Instruments company is Prada's suppliers of the Radio Frequency Identification (RFID) tags, which are handled by the KTP Company (Learning from Prada, n.d.). This technology is designed to tell what and where the products are, and to prompt when it would expire (Wailgum, n.d.). These RFID tags, with antennas and chips, can be found at all products and with the handheld readers, a customer (or a store associate) can scan for prices. Video monitors are available to give more details about the product; like color, materials used, and even collection photos and designer sketches (Learning from Prada, n.d.). Surprisingly, Prada's aim in using the RFID was not to eliminate inefficiencies in the supply chain but to enhance the customer shopping experience (Raafat, Sherrard, & Meslis, 2007). It was used, not for security purposes or to check whether the items are on the right place on their respective shelves, but to offer convenient service for the customers (Learning from Prada, n.d.). Prada also upgraded its IT infrastructure from complex to centralized system. Before, in order to manage retail, inventory and supply chain operations, the company used different databases, software applications and various operating systems. But today, they upgraded it using hardware platform, database, operating system and enterprise software solution. The company wants to have a 24x7 availability of information regarding the operations, financials, and sales and distributions, especially retail operations around the globe. These systems are (Hewlett-Packard Development Company, L.P, 2004): • Itanium 2–based HP Integrityrx5670 Servers - server solutions for production environment, testing and development; • Microsoft Windows Server 2003 for 64-bit Itanium 2–based systems - to provide Prada's critical SAP solutions with enough power and stability; • Oracle9i - for centralized database; • SAP R/3 Financials and Controls, SAP Retail - solutions used to maximize working pace while minimizing risk for the 400 employees of Prada worldwide; and • SAN EMC2 Clariion CX 600. 4.3 SUPPLY CHAIN PARTNERSHIPS Supply chain partnership is one of the key factors in adding value to the company. To become more competitive in the market and to elevate more its integrity and image, company partners were chosen. Among these companies are: 1. Luxottica Group (eyewears); 2. Shiwen Bags Co., Ltd. based in China (handbags); 3. RADDISSHMe Design House based in China (footwear brands); 4. Ruyi Trade Co., Ltd. (apparel and other fashion categories); 5. Leicester, est. 1959 (fabric manufacturer and supplier of licensed, own label, branded clothing and accessories); 6. LG Electronics (LG Prada Phone). 4.4 CODE OF ETHICS The Prada Group developed the Code of Ethics that all activities conducted will be based on principles of ethical integrity. The rules stated in the Code will affect the corporate bodies, management, employees, external collaborators and all individuals or entities that make business participation of the Group. The Code must be observed by these individuals in order that success will be achieved and to guarantee the good functioning, reliability and reputation of Prada and other companies who are directly or indirectly affiliated (Prada Group, n.d.b.). In the supply chain, this Code will be the guiding principles in producing quality products and providing accurate information about the products that will greatly affect in the decision making process as well as customer satisfaction. 4.5 RISK MANAGEMENT There are several risks factors in which the Group is exposed. One is exposing to macroeconomic factors that may affect economic and financial stability. The company was able to stand firm despite of the recent international economic crisis because of the continuous growth of retail sales and market opportunities. The brand image is guaranteed uncompromised through careful selection of licensees, excellent communication and marketing, and monitoring and preservation of trademarks and image. And lastly, the relationship to external contract manufacturers is also given a high regard to have a consistent supply. Their works are being monitored and they are bound to comply with labour and social security rules and regulations (Prada Group, 2009). 5. PRADA’S DOWNFALL Though Prada has been ranked as a desired brand, it fell short when it comes to global brand ranking. Prada was not on the list during the 2010 Best Global Brands after it was ranked at No. 87 in 2009 (Interbrands, 2010). When the first epicenter made a huge opening success, revenue reports however didn't match the expected sales for that year. They had noticed that there were more sightseers than shoppers (Sokol, 2003). The financial performance of the products and services made a huge impact on its brand image. Prada struggled on slowing sales and billions of debt. The delay of the initial public offering in the Milan stock market in 2001 was caused by the decrease of the luxury spending during the 9/11 New York and Washington attack (Thomas, 2007). Should the IPO became successful, the proceeds will be used to pay debts after Prada's mass acquisition of some fashion companies like Jil Sander, Helmut Lang, Church's shoes, Azzedine Alaia, Carshoe and Genny Group (Kapner, 2002). Fendi was also among the acquired companies, but its 25.5% share was sold to LVMH Moet Hennessy Louis Vuitton to help pay debts (History of Prada Holdings B.V., n.d.). In Bloomberg's recent news, Prada has another attempt of selling its share in an IPO in Hong Kong (Roberts, 2011). Prada CEO, Patrizio Bertille, said that the decision to IPO is to “seize the best opportunities offered by the international capital markets,” (cited in Martinuzzi, 2011). They aim to have a financial market aid from Hong Kong investors (Roberts, 2011) to help fund for the opening of new retail stores in the emerging markets. Lastly, the strength of the brand when it comes to online sale didn't match the services showed by in-store personnel. There's a huge difference between shopping online and shopping in stores with a feeling of luxury (Araujo, et al., n.d.). 6. CONCLUSION As one of the top fashion houses in the fashion industry, Prada still continues to become the leader of fashion retailing with luxury and innovation perception. Miuccia’s designs always attract customers because of the quality that the product is made of. Some, however, are only targeting the brand logo of the products; the idea is - whoever owns a Prada will always get the attention. The company follows the supply chain strategies (sourcing, manufacturing, distribution, retailing and customer) to efficiently and effectively run the business. The Code of Ethics is established to keep their goals on track. All risks are measured and eliminated to avoid failures in managing the supply chain. Despite all the luxurious products and other innovations, Prada is in huge debts that corporate bodies should take full actions about it. 7. RECOMMENDATION Prada's first strategic process is the creative design. I recommend that on this stage, Miuccia Prada should also seek other ideas and opinions in designing the products. Two or more brains working together in creating a good concept always have a good result. She can create a team to have a brainstorming session about different concepts. In selecting the type of materials to be used, the author of this paper highly appreciate the dedication given by Miuccia as she asks assistance directly from the textile and fabric mills. This can give a high assurance that all materials are in good quality coming from reliable sources. However, this writer recommends that the company should install a centralized communication network so that all detailed information can directly be transmitted from the headquarters towards all suppliers, manufacturers, store outlets worldwide and all distribution channels. Although, it is expensive to install and Prada is still in huge debt, this can be a good investment for Prada to enable transparency of information among all related parties who wants to know every information. If it is installed the benefits would be: improved data communication; more reliable, faster and accurate level of information gathering regarding financials, distributions and all other operations; and minimizing telephone costs from different phone companies. Moreover, production employees must have a regular evaluation and other trainings and seminars to improve their craftsmanship skills. It is very important because human resources are among the key factor in producing good quality products. In the distribution process, this writer recommends that if ever the company opens a new flagship store, minimizing costs of construction must also be considered. Although the essence of luxury will be lost if it is not made in huge costs, what is important is the message that the store can give to the customers. Since Prada has been operating its stores worldwide, the message being portrayed in the stores should focus on the culture, personality and lifestyle of the customers. A feasibility study must also be conducted to determine these attributes. It is an economical way to know how will the company run in such area or location. Likewise, the use of RFID inside the retail stores must also be taken into account. On Prada’s use of RFID, their main purpose is only to create a superb customer service that no other fashion stores can level it up. Using the technology in tracking down its supply chain is a huge advantage. This writer recommends that Prada should focus in using the technology not just giving the customers a sense of high-fashion in shopping but also to use it according to its purpose. This writer rationale for this will be excellent customer service can be obtained when it is experienced with the store associates. The RFID tags can only give assistance to the customers about other information, but the store associates can give more than that. These store associates can answer all questions, complaints and even give personal suggestions about the merchandises. If a company consistently applies simple principles in good customer service, the company will bring more customers (with purchased items) and not just sightseers. The IT solutions must also be monitored to ensure that the records and other important files of all operations will be well secured. Business Continuity Management must be well planned in case of any unwanted events or business disruptions like mass data loss or fire incident. Important operations in the supply chain will be affected when this occurs, such as delay of product distribution, loss of financial records of all suppliers and manufacturers, etc. Another important subject to be considered is the decision making capabilities of engaging investments. This can affect the supply chain since every operation requires financial assistance. This writer recommends that the company or the board should review all financial reports and analyze what’s lacking or what needs to be improved in the entire process, or to whom they should seek financial aid so that all resources can be properly utilized. Accurate financial forecasting must be prepared to meet all business targets. They must base their decisions on the principles given by the rules and regulations of the company’s Corporate Governance Code. Lastly, it is recommended that online shopping services should be enhanced. The company should study what the latest trend is being practiced to keep up in the growing global economy. It is nice to keep the traditional concept but it is more effective to apply both traditional and modernized trend. All businesses are dependent in technology now. Prada should exploit the availability and capacity of the Internet to make more profits. The company should study on how to enhance more the online shopping experience of the customers. References Araujo, P. et al., n.d. The History of Prada. Angelfire.com, [PPT]. Available at: http://webcache.googleusercontent.com/search?q=cache:rTIDySJd58YJ:www.angelfire.com/planet/josepablo/prada29.ppt+PRADA+retailing+strategy&cd=12&hl=en&ct=clnk&source=www.google.com [Accessed 18 March 2011]. Betts, K., 2007. Miuccia Prada's material world. Time, [Internet] 1 March. Available at: http://www.time.com/time/magazine/article/0,9171,1594161-1,00.html [Accessed 21 March 2011]. Bruce, M., Moore, C., & Birtwistle, G., 2004. 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Supply chain management definition and solutions. CIO.com, [Internet]. Available at: http://www.cio.com/article/40940/Supply_Chain_Management_Definition_and_Solutions?page=5#scm_emerging [Accessed 18 March 2011]. Read More