Prada Handbags Will Now Cost You Much Less

Last week, Prada shared that since the end of the first quarter, it's experienced a loss of over 40% in net income. The news comes with a silver lining, if only for its fans: Prada has decided to release lower-priced handbags. According to Bloomberg, introducing lower-priced products is one of several steps the iconic Italian fashion house is taking to combat its suffering numbers due to slow expansion in some Eastern markets. “Results for the quarter have been conditioned by the continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau,” said Patrizio Bertelli, Prada S.p.A. CEO, in an official press release. Bloomberg states the brand plans to open fewer stores within the year and close some wholesale accounts, in addition to offering more-affordable bags. While a more universally wallet-friendly luxury carry sounds amazing to anyone who’s ever shelled out several thousands for one of the label’s coveted designs — or even, close to $2,000 for its popular petite versions — don’t break out the plastic too quickly. Bloomberg cites that these new Prada bags, whose release date has not yet been specified, will run you around the €1,000 to €1,200 (or approximately $1,100 to $1,400) — keeping them well within the investment-purchase category. (Bloomberg)