In our blog post last week, we discussed the importance of product positioning, particularly when navigating the lab-grown diamond space. This week, we’ll take a look at luxury brand Prada’s unique positioning for their latest jewelry collection.
Last October, Prada launched its first fine jewelry collection, which serves as an excellent example of unique positioning. Their latest collection, announced last week, is a suite of beautiful fine jewelry made from recycled gold and lab-grown diamonds. Included in the collection are statement earrings, rings, necklaces, and bracelets.
The brand’s first jewelry director, Timothy Iwata (who was hired two years ago from Cartier), emphasized in an interview with Vogue that “lab-grown diamonds are not merely about replicating what nature has taken billions of years to create in just about three weeks. It’s more than that; it’s about pushing the boundaries of both the cut of the stone and the concept of luxury material. It’s not just customizing an existing material; we are growing that material specifically for the client.”
Prada is living up to its product positioning by experimenting with innovative materials. These include lab-grown diamonds cut into their iconic triangle shape and chunky pieces made out of recycled gold.
For Prada, this isn’t solely about making luxurious jewelry more affordable. Instead, it’s about challenging assumptions regarding the materials that constitute a luxury product. This trend has a historical precedent for the fashion brand, as back in the 1990s, Prada made a similar statement when they introduced nylon handbags. Their nylon bags quickly became an iconic statement piece treasured by fans of the brand.
The fashion house’s innovative jewelry offerings also resonate with its modern target audience – wealthy millennials. Prada even referenced a 2020 BBC report in their press release for their current jewelry collection, which stated that 70% of millennials would consider purchasing lab-grown diamonds.
Prada’s unique positioning strategy is bold, especially for a luxury fashion house. Opting for man-made and recycled materials over rare, extravagant ones is not a common strategy. But it works because it aligns with the intersection of their brand and their target audience, culminating in an innovative jewelry line that is uniquely their own.
Jewelry marketers should take note of what Prada is doing. You don’t need to be a luxury fashion house to position products based on your brand’s DNA and your audience’s wants.
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