What’s more, this push upmarket was inconsistent with Prada’s DNA and inappropriate given the prevailing market conditions. The company’s early success was built on nylon backpacks — and its distribution strategy reflected this. Today, among European luxury brands, Prada is one of the most active in the off-price channel. This hardly chimes with its recent desire to be highly exclusive. At the same time, the handbags category has become very crowded. Coach has been joined by a swathe of accessible luxury brands, from Michael Kors, Tory Burch and Kate Spade to Longchamp and Furla, to name but a few. All have exploited a rising price umbrella created by luxury mega-brands and collectively have taken significant market share. Take these two factors together and it’s worth asking whether Prada risks finding itself without a natural market.