Prada establishes partnerships based on shared values, but above all representative of the balance between business objectives and societal demands, to anticipate and manage potential problems and improve its response to new requests made by increasingly diversified stakeholder base.
The Group is therefore engaged in the development and consolidation of cooperative ties with the main players in the territories in which it operates, as a prerequisite for inclusive development in the medium and long term.
The Prada Group actively participates in the initiatives promoted by the National Chamber for Italian Fashion, the institution promoting the development the industry in Italy and abroad.
Since 2010, this institution has untaken a strong commitment to sustainability, involving partner companies in a process of confrontation and transition towards new and ambitious frontiers on various topics, from environmental to social.
The Group is a member of the “Sustainability, Ecology and Environment Commission”, an important project conceived to create platform of environmental, ethical and qualitative tools and standards shared among the main players of the Italian fashion industry, to be promoted and applied throughout the production chain.
The Group is also a member of the commission that elaborated the “Guidelines on eco-toxicological requirements for articles of clothing, leather goods, footwear and accessories” aimed at introduce new and more stringent parameters for the regulation of chemicals present in the products to improve their safety as well as reducing environmental pollution.
The Prada Group supports the “Manifesto of sustainability for Italian Fashion.”
The constant exchange of knowledge, information and contacts guaranteed by associations like Altagamma constitutes an important information and relational asset.
In 2019, Prada joined as a Partner to the Altagamma Foundation, which brings together 110 high-end Italian cultural and creative companies, promoting Italian excellence, uniqueness and lifestyle throughout the world. Its mission is to contribute to the growth and competitiveness of the Italian cultural and creative industry.
In June 2019, the Prada Group announced the start of a three-year partnership with Startupbootcamp, the leading European startup accelerator with international programs, regarding the launch of a global innovation center in Milan dedicated to the fashion sector.
The partnership started within the “FashionTech” initiative, where Prada participated as a Supporting Partner. With this initiative, and following a global selection process that collected more than a thousand startups, Startupbootcamp and its corporate partners have identified thirty of them with strong technological innovation and sustainable content in the fashion sector. Startupbootcamp will support the chosen startups with mentoring activities in order to accelerate their growth.
The Prada Group has established collaborations with important universities and research bodies, for the creation of innovative content for international conferences and hackathon, or in the occasion of financing the most advanced scientific research, up to the definition of highly specialized study courses aimed at students from all over the world.
Among the most recent initiatives, Prada became main sponsor of the International Master’s degree in Luxury Management (IMLux) together with the French Champagne Taittinger Group. This combination of Italy and France is also reflected in the structure of the master’s degree - taught in English - which allows its international students to access a double degree by attending the first semester at the Neoma Business School in Reims and the second semester at the Polytechnic of Milan.
The collaboration with Politecnico di Milano had already been consolidated over the years thanks to the work carried out within the "Shaping a Future" Conferences cycle that Prada organized and hosted from 2017 onwards, also thanks to the scientific contribution of another renowned institutional partner such as the Center for Customer Insights of Yale University.
Finally, the Group is supporting partner of the Gianni Bonadonna Foundation, which started its activities in 2019 after the official presentation of the agreement with Prada that took place in October 2018. During 2019, the Foundation created the “Istituto Diffuso” for innovative cancer treatment research and promoted the “Gianni Bonadonna fellowship”.
The Prada Group’s tax strategy is based on the prevention of tax risk and on the "tax certainty" through a continuous dialogue and a long-term virtuous interaction with the Tax administrations of the countries where it operates. That tax strategy allowed Prada Group to join domestic and international preventive cooperative regimes.
In accordance with the Italian tax administration, in 2017 Prada Group Parent Company entered into the Cooperative compliance regime, to which a limited number of Italian companies have been admitted. The same tax administrations invited Prada to join the International Compliance Assurance Programme – “ICAP”, an international cooperative compliance program launched and coordinated by the Organization for Economic Cooperation and Development (OECD).
Long-term cooperation with Italian and foreign Tax administrations has also enhanced, in the past years, other multilateral tools such as: (i) Advance Pricing Agreement, that provide prior certainty regarding the criteria and methods adopted for determining intercompany transfer prices and (ii) Mutual Agreement Procedure (MAP), through which it’s possible to obtain a “friendly” settlement of any international double taxation disputes.