March 2008 | By Ramon SolÃ©, Professor of Strategy at IE Business School.
Pronovias is a world reference in the bridal gown business, thanks to a happy marriage between prÃªt a porter and top designers.
Last week, the fashion world enjoyed one of its most emotional and important moments in many years: the world recognition of Valentino, the grand master of haute couture, in the presentation of his latest fashion collection. However, ValentinoÂ´s creations will continue to fire the enthusiasm of his followers, with the wedding dresses he makes and distributes all over the world under an exclusive agreement with Pronovias. Pronovias has found its perfect partner in Valentino. The partnership combines the Italian designerÂ´s Renaissance talent with the entrepreneurial vision and tenacity of the renowned Spanish entrepreneur Alberto Palachi. It is yet another milestone in a successful business story, the results of a marriage between rigorous work and the right strategic vision.
Pronovias is a good example of this essential combination for reaching the position of world leader that it holds and strengthens at each of the various stages of its evolution.
The pioneering idea is based on using the prÃªt-Ã -porter business model in the wedding dress market, and the use of a direct retail management system. Pronovias continues to control the entire process from the design of the collection to relations with the end customer.
The firm continued to innovate by incorporating design value into its collections, first with the famous Pedro RodrÃguez, followed by Valentino, Manuel Mota and Elie Saab, while maintaining its much-admired vintage collections that continue to inspire the great designers.
It was the first to view brides in a fashion context, creating its own style, based on top-level strategic public relations management to achieve a continuous increase in the value of its brand. The recognition gained with this central idea in its advertising has been the driving force behind its own evolution, strengthening its leadership by making its brand name more aspirational.
Loyal to their strategy, the retail structure of Pronovias shops has also evolved in lockstep with its collections and the companyâ??s global communication strategy. At present, it is one of the essential vehicles for its international expansion, as it consolidates its presence in the most demanding markets, in key cities and in the most exclusive and coveted locations. Places where only the most prepared and efficient find a partner. The retail market is tremendously competitive, dependent on a resource that is not only scarce, but also limited and defined: it is governed by the 3-Ls formula: location, location and location. Pronovias continues to find successful partners in the retail trade, as it has done in London, where it opened a spectacular shop on Bond St in 2007. In a few weeks, it is to open another shop in New York, between 5th Avenue and Madison, an eight-storey flagship, pure Pronovias. This will be followed by Milan to form a golden triangle. The process is unstoppable, sound and perfectly orchestrated, with professional staff that is both dedicated and motivated, and which has found its perfect partner in Pronovias, because retailing is also governed by another infallible law, the 3-Ts: team, team and team.
This pioneering spirit, which accompanies and governs the Pronovias trajectory, is bound to offer more surprises by applying innovative projects its four main pillars: the collections, service, communication and retail. All of them continue to find their partner in Pronovias.
This article was published in the monthly IE academic newsletter IE Focus. To see the originally published article please click here.
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