Prada is in the spotlight, and it’s not for its amazing designs.

The label announced a 22% profit loss for 2008.

However, their ever-changing traveling $10 million exhibit (the Transformer building designed by Rem Koolhaas) stays on. The structure itself changes shape to best display the chosen items (currently, skirts for their Waist Down exhibit). It’s located in Seoul, the capital of South Korea. This city is apparently the fourth largest market for Prada — perhaps the global recession isn’t affecting this city as strongly as others somehow?

Interestingly, despite the profit loss, Prada has opened 34 new stores last year, particularly in Europe and Asia, its strongest continents.

Based on its fashion designs, can it overcome the financial slump it (and the rest of the industry) is in? Based on what they’re currently selling, I’d say not. Their phone has been their sole standout success. But maybe they have some trump card designs hiding up their sleeves.

I mean, the Vitello Mordere’a Weave clutch is pretty. The purple is eye-catching, and the soft calf leather works well with the interesting braided weave. The size, 8 1/2″H x 13 3/4″W x 3/4″D, is still out of of control for a clutch.

And we all know about their latest design faux pas, the Nappa leather bow peep (shown here at left). Very reminiscent of a small trash bag with ties at the sides, no? Saks somehow sells this bag.

But, Prada will come back. The Devil wears Prada, so the label has got to come back to life, right?

In the name of classic design, let’s hope so.

For a crash course on the life and times of Prada, read on.

This post is tagged Prada