Millward Brown and BrandZ just released its list of the most valuable brands in the world, and one of this year’s big surprises was how quickly and substantially Prada’s value grew.
In 2012, the luxury retailer’s brand value skyrocketed 63%, bringing it to $9.5 billion, in the BrandZ calculation. That makes Prada the fourth most valuable luxury brand in the world, but the number one riser in any category. Its value increased more than any other brand on a percentage basis.
Even though Louis Vuitton held its place as the most valuable luxury brand internationally, it still managed to see its valuation fall 12%.
So how did Prada gain so much momentum?
“What Prada has done really well is that it has focused on the right market,” Millward Brown VP Oscar Yuan told Business Insider. When Western Europe was struggling in the economic downturn, for example, Prada focused on the Asian markets and Brazil.
“Prada really benefitted from a careful selection of where to focus its resources,” Yuan said.
Last year, Prada decided to add 80 stores annually, 30 of which were planned for China.
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