PARIS/MILAN (Reuters) - If in fashion, being late on a trend can be lethal, playing catch-up in terms of business strategy can be just as damaging. Prada is learning that lesson the hard way.

One of the biggest bag trends of the entire year was not a bag itself but the idea of accessorizing it. Arguably, no one does this better than Prada (and little sister Miu Miu). This season, one of ...