Much of the funds will double production capacity at the Prada plant in Torgiano, Umbria.
Italian Prada Group, one of the largest luxury goods manufacturers, plans to invest an additional $66 million in its production in 2023. Much of the funds will double production capacity at the Prada plant in Torgiano, Umbria.
The luxury brand is not only investing in developing its own production but is also considering the takeover of small players specializing in creating clothing and accessories in leather goods.
In addition, Prada may invest in upgrading existing technology and attract new professionals and manpower to its factories. By the end of 2023, the company plans to attract more than 400 more people to production in Italy.
About 200 new employees will work at the Prada Group Academy of Excellence, established in the early 2000s at the Scandicci factory.
Recently the Italian fashion house has invested about $77 million in business development - the money was spent both on the development of production technologies and industrial processes, as well as vertical integration of business development.