Prada was created in 1913 by Mario Prada. He specialized in leather products  beginning by selling shoes, handbags and trunks. After returning home to Italy after visiting Europe and the United States, he decided to open two boutiques in Milan. As the company grew, they no longer made trunks out of walrus skin, as it was heavy and impratical for travelling, but moved more into leather handbags and travelling pieces.

Mario Prada's granddaughter, Miuccia Prada, was born in 1949. She began making backpacks out of a waterproof fabric called Pocone when she was in her 20s.  In 1978 she took over a floundering business and expanded into luxury totes the next year. She has continued making bags and footwear bringing the company into what we know today. 

In 2003, Prada ventured into the world of perfume through fashion and fragrance company Puig. Puig operates under the license of perfume brands Comme des Garcons and Valentino as well as Prada. The first Prada perfume was Prada for Women created in 2003. Prada Amber for Women was launched in 2004, Prada Intense was released in 2005, then Prada Tendre was released in 2006. Prada Infusion Collection was released from 2007 to 2012 focusing on a single note naming the fragrance after that note. Prada L'Eau Ambree was released in 2009, Prada Candy for Women was released in 2011 along with Prada Amber Pour Homme Intense. In 2012, Prada Luna Rossa was launched.

Prada fragrances have been made in collaboration with perfumers Daniela Roche-Andrier, Carlos Benaim, Max Gavarry, Clement Gavarry and Miuccia Prada. Prada has won awards and recognition for their fragrances and its packaging at the Fifi Awards.