Shares of Prada (OTCPK:PRDSF), are down 5% on the news that the Italian fashion house will no longer use real fur.
The company made the announcement earlier today much to the excitement of the Fur Free Alliance (FFA). The animal rights campaigners released the following statement:
“The Prada group with its brands now joins a growing list of fur-free brands that are responding to consumers’ changing attitudes towards animals.”
However, investors don’t seem too pleased as, as stated, shares are declining on the news.
Prada Stops Using Fur
The company has decided to stop using fur in any of its designs or new products moving forward. However, anything already to market will continue to be sold. The change will take effect as of the spring-summer 2020 women’s collection.
Brands included under Prada’s umbrella include Miu Miu, Church’s and Car Shoe. These will also take on the new move.
Head of the fashion chain, Miuccia Prada, spoke about the decision saying:
“Focusing on innovative materials will allow the company to explore new boundaries of creative design while meeting the demand for ethical products”
Prada has been on the radar for anti-fur campaigners for years. Last year, the Humane Society increased its efforts after the clothes maker had fox and minx fur jackets for sale. These items are no longer on Prada’s website, however, other coats that use fox-fur as trim remain listed.
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Brigit Oele, program manager for the Free Fur Alliance, said that “Prada Group was one of the fastest companies to go fur-free once positive dialogue began a little more than a year ago.“
Perhaps the group was inspired by British designer Burberry which announced it would go fur-free last year. The luxury goods maker said it would stop using real fur and would phase out existing fur items. At the same time, fellow luxury brand Gucci stopped using fur in its spring-summer 2018 collection.
Further, in December, fashion house Chanel also joined the movement, when it vowed to band furs and exotic skins in its collections.
Featured Image: Deposit Photos/ferrerivideo
