Prada CEO, Patrizio Bertelli, has made the announcement that he will be retiring and passing on the reins of the luxury fashion house to his son, Lorenzo Bertelli, in the near future. Lorenzo, who currently holds important positions at Prada, including director of marketing and head of corporate social responsibility, has been carefully considered and planned to take on the role of CEO.
During a strategic presentation in Milan, Patrizio Bertelli expressed his confidence in his son’s ability to lead the company, stating that Lorenzo possesses the “right attitude” for the position. The succession plan will be executed smoothly, with the exact timeline to be determined by Lorenzo himself. It is expected that the transition could occur within the next three to four years, depending on various factors.
The announcement comes at a time when Prada is experiencing a significant rise in sales. In the last quarter, the company’s revenues have increased by an impressive 400% compared to the same period in 2019. This success serves as evidence of Prada’s strong position in the luxury market and sets the stage for a seamless leadership transition.
Patrizio Bertelli, who is now 75 years old, believes that retirement is a natural decision after a fulfilling career. “I’ve had a great time and accomplished a lot,” he said. His retirement signifies the end of a remarkable era for Prada, as he has played a pivotal role in shaping the brand’s identity and achieving success.
Lorenzo Bertelli shares his father’s sentiments regarding the succession plan. He stresses the importance of careful planning and recognizes that the exact timing has yet to be determined. “A succession plan must be well thought out in order to be successful,” he stated.
The ongoing COVID-19 pandemic has had a significant impact on the luxury industry and has prompted Prada to adapt its strategies. Patrizio Bertelli acknowledges the changing landscape and highlights the increasing importance of younger generations, specifically Generation Y and Z. He notes that new factors for success are emerging, leading Prada to focus on sustainability and social awareness.
Prada’s approach to customer relationships has also evolved, with a greater emphasis on catering to local customers while still acknowledging the significance of tourism. The company understands the need for a more personalized approach and aims to maintain a strong connection with its global customer base.
With the succession plan firmly in place, Prada is poised to embark on a new chapter under the leadership of Lorenzo Bertelli. The coming years promise exciting developments for the luxury fashion house as it navigates the ever-changing industry landscape and strives to uphold its position as a global leader.
