The Prada brand got its start in 1913 when Mario Prada and his brother Martino Prada opened a small luxury goods store aptly called Fratelli Prada in Milan, Italy. Products sold at this fine establishment included steamer trunks and handbags imported from England, walking canes, vanity cases, tortoiseshell hairbrushes and other unique accessories. An innovator at the time, the shop drew in many major consumers such as European aristocracy and the Italian royal family who actually made them suppliers and allowed the shop to use the Savoy family coat of arms and knotted rope design in their logo.
Who knew that one day such a fine company would fall into the hands of Miuccia Bianachi, an aspiring politician who had spent the past several years studying to be a mime and who also happened to be Mario's granddaughter. While it was with her unique background, aversion to anything fashion, and a natural talent for creating trends before they existed that she managed to turn this family owned business into a billion dollar worldwide luxury brand as it is known today. Of course her husband and CEO Patricio Bertelli with his sharp business sense had a hand in the turn around as well.
As far as the company goes in 2017, I think the best bet would be for Miuccia to remain as Creative Director and Patrizio as CEO because their dynamic together (his business smarts and her unusual natural creative ability) has provided a lot of success for the Prada brand. Having their sons, Lorenzo and Guilio, come into the company maybe starting off small to learn the workings of the company would be an idea. That way, when Miuccia and her husband do decide to retire, the brand will be left in good hands.
Focusing on the innovative concept that has transformed Prada into a worldwide sensation is the best option for future success. Manufacturing and expansion should be focused in China since that is a major growing luxury market and once those connections are set, further expansion in Asia will be the next step.
In the Spring 2013 RTW collection you can clearly see the innovative use of contrasting details, fabrics, and textures with the Asian influence. Prada is definitely moving in the right direction.