16/06/2015 06:16 BST | Updated 16/06/2015 06:59 BST

Prada Handbags Are About To Get A Lot More Affordable

Like some kind of miraculous answer to our prayers, Prada has decided to release lower-priced handbags.

The only downside to this brilliant news? It's because the brand's profits are falling, with a loss of over 40% in net income since the end of the first quarter.

According to Bloomberg, the iconic Italian fashion house will try to combat tumbling profits by introducing cheaper products, opening fewer stores and closing some wholesale accounts.

In a statement, Prada S.p.A. CEO Patrizio Bertelli said: "Results for the quarter have been conditioned by the continuing difficult market conditions in the Asia Pacific area, especially in Hong Kong and Macau.”

While it's not exactly the good news for the luxury brand, they're hoping these chances will help them "achieve return at the levels of profitability enjoyed until the recent past."

In the meantime, we'll be making the most of their more purse-friendly prices. The new Prada bags, which don't yet have a release date, will cost around €1,000 to €1,200 (or approximately £725 to £870).

(H/T Refinery29)


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