According to a source familiar with the matter, Prada, the renowned Italian fashion group, is making plans to bring in former Luxottica CEO Andrea Guerra to facilitate a smooth transition of leadership to the next generation of the Prada founding family. Prada, initially established in Milan in 1913 as a small leather goods shop, has experienced remarkable growth and has now become a global brand with 365 directly operated stores and annual revenues of 3.7 billion euros. The Asia Pacific region plays a significant role in contributing to Prada’s revenue. The current CEO of Prada, Patrizio Bertelli, announced last year his intention to hand over control of the group to his 34-year-old son, Lorenzo. Lorenzo, who currently holds the position of Prada’s marketing chief, joined the company’s board in May 2021 and is expected to take on the role of CEO in the next three to four years. In preparation for this leadership transition, Prada has been conducting a search for a senior executive who can work alongside Lorenzo, helping him gain more experience within the industry.
Lorenzo, considered to be a fast learner, joined the family business in 2017 as the head of digital communication. Prada is in the final stages of reaching an agreement to hire Andrea Guerra, a 57-year-old manager who recently stepped down as the head of the hotels division at LVMH, the luxury goods giant. While Prada and Guerra have chosen not to comment on this news, broker Jefferies believes that Guerra’s extensive experience would contribute significant value to Prada’s senior management team, particularly during this phase of succession. Guerra’s previous role as CEO of Luxottica from 2004 to 2014 saw him oversee a notable increase in sales for the renowned eyewear manufacturer. It is anticipated that Prada could officially announce Guerra’s appointment as early as January, as reported by Italian daily La Repubblica.
