As Prada's newly launched beauty line garners attention for its $3080 "luxury cream", certain shades of its lipstick have quietly sold out.
A search by Business Times reveals that many shades of Prada lipsticks are out of stock across various e-commerce platforms including Tmall, JD.com, and Douyin. The Tmall flagship store for Prada Beauty shows that over 10,000 lipsticks have already been sold.
A Prada lipstick is priced at $395, with a refill available for $315. Besides lipsticks, Prada's beauty collection includes a quad eyeshadow palette priced at $800 and foundation for $610. The skincare range, which recently debuted, comprises facial cleansers, creams, and serums with prices ranging from $880 to $3370.
Industry insiders informed Business Times that both online and offline channels are experiencing a sell-out of one of Prada lipstick's main shades, B101, while some other non-main shades have sold out due to limited stock. The Prada WeChat store, which sources its beauty products from L'Oréal, is also out of stock on primary shades like B101, B102, and B01.
This insider also noted that Prada currently sells its beauty products in dedicated perfume stores and expects to launch comprehensive stores by mid-to-late September.
In August 2023, following its perfume launch, Italian luxury brand Prada introduced a full line of cosmetics and skincare products. Prada's beauty line collaborates with the French L'Oréal Group. The partnership, which commenced at the end of 2019, has L'Oréal overseeing Prada beauty's research, production, and distribution.
In early 2022, Prada Beauty first launched its "Mysterious Me" perfume. After establishing a pop-up shop in Shanghai, the brand expanded to cities like Nanjing and Hangzhou, opening several perfume-focused stores.
From marketing and sales trends, lipsticks appear to be the cornerstone of Prada Beauty's full product launch.
Emerging beauty brands often prioritize lipsticks as introductory products to attract new customers, due to their affordability and immediate, memorable impact.
While the success of lipsticks is a promising start, the challenge for Prada Beauty lies in breaking into the "luxury" skincare market.
Though cosmetics have a lower entry barrier and are easier to market, brand loyalty in this sector is fleeting. However, high-ticket skincare items can create a lasting distinction for beauty brands.
Public response to Prada Beauty's launch has been significant. The public's focus has primarily been on its high pricing and the ambiguity around its product naming.
This scenario recalls the launch of Valentino Beauty, where a compact, termed the "Fairy Box," priced at $1800 and designed to double as an accessory, became a hot topic due to its high price juxtaposed with a plastic exterior.
Once brands like Prada and Valentino venture into beauty, the pricing trajectory can only escalate to align with their established luxury brand value. While cosmetics can extend luxury brand reach to new consumers, it shouldn't dilute the brand's prestige.
Even in cosmetics, luxury brands must epitomize luxury. This strategy is evident in how Prada and Valentino Beauty have prominently and boldly displayed their logos on every product. From a marketing standpoint, this significant branding ensures a faster and easier market entry compared to other emerging brands.
The challenge ahead for Prada Beauty is maintaining this momentum and leveraging the brand's intrinsic value to its fullest.
Only by establishing recognition and acceptance of its "luxury" skincare line can Prada Beauty hope to create timeless products. Looking forward, Prada Beauty should aim to rival the likes of YSL Beauty and TOM FORD Beauty, carving out a distinct market value separate from fashion.
Whether it's Prada or Valentino, true success in the high-end beauty market comes only when they can stand independently of their fashion brand reputation.
