Luxury retailer eyes e-commerce integration in 2017

With its profits taking a hit in 2016, Prada Group is placing a stronger focus on digital.



The luxury goods retailer’s net revenue for the year ended January 31, 2017, declined 9%, while revenue across its retail channel plunged 13%.



Based on these results, the company plans to focus on more digital initiatives to better respond to an evolving marketplace, according to Prada’s CEO, Patrizio Bertelli.



Besides creating new store concepts to enhance customer experiences, “the retail strategy has shifted from geographical expansion to network rationalization and digital integration,” Bertelli explained. “To integrate retail and online channels, we will continue to dedicate significant resources to developing an omnichannel offering through the rollout of our global digital platform, collaboration with e-tailers, and in-store digital integration.”



The retailer has also established a new team to lead the company’s digital strategy, he added.