What's Happening?
Tricia Shumavon, President of Prana, is spearheading a strategic overhaul to revitalize the brand, which has faced stagnant sales since its acquisition by Columbia Sportswear in 2014. Despite a decline in sales, Shumavon is focusing on expanding Prana's retail footprint and diversifying its product offerings beyond its traditional yoga-centric approach. The brand is now targeting a younger demographic, aiming to capture Millennials and Gen Z consumers by offering versatile lifestyle products that can be worn for various activities. Prana's marketing strategy is also being updated to better communicate with this new audience, with a fresh campaign set to launch this fall.
Why It's Important?
Prana's shift in strategy is crucial as it seeks to regain its competitive edge in the activewear market, which is dominated by brands like Lululemon and Vuori. By broadening its product range and targeting a younger consumer base, Prana aims to increase its market share and build brand loyalty among new customers. This transformation could potentially lead to increased sales and a stronger presence in the lifestyle segment, helping Prana to overcome its recent financial challenges and position itself for future growth.
What's Next?
Prana plans to expand its retail presence by opening additional stores in key locations such as California and Colorado, while also enhancing its e-commerce platform to boost direct-to-consumer sales. The brand's new marketing campaign will roll out this fall, aiming to attract a younger audience with updated branding and messaging. As Prana continues to diversify its product offerings, it will focus on maintaining a balance between activewear and lifestyle products to appeal to a broader consumer base.
