Prada, the renowned Italian luxury brand, is currently undergoing a “soft transition” in its leadership structure. The board of directors is set to ratify the appointment of Andrea Guerra as the managing director, while current CEO Patrizio Bertelli will assume the role of chairman. Miuccia Prada will continue as the creative director for the Miu Miu and Prada lines. The ultimate aim of this transition is to pave the way for the couple’s son, Lorenzo Bertelli, to eventually take over the management of the company.
The announcement of Andrea Guerra as the new CEO was made by Prada Group in December. However, the timing of Lorenzo Bertelli’s assumption of leadership remains uncertain. In a recent interview in Venice, Lorenzo mentioned that it may take another three to four years before he takes the reins. He explained that this decision was carefully deliberated by the family to ensure a smooth and seamless succession process.
The appointment of an external manager like Guerra, who previously worked at Luxottica, represents a significant change for Prada. Lorenzo Bertelli believes that this decision aligns with the succession process commonly observed in family businesses. He emphasized that, in the meantime, his responsibilities will remain unchanged as he continues to report to Guerra, just as he previously did with his father.
Lorenzo Bertelli’s involvement with Prada began in 2017 when he joined as the digital communications manager. Since then, he has been promoted to marketing director and has been leading sustainability efforts since 2020. In 2021, he became an executive director on the Prada Group board. However, his younger brother Giulio is not actively involved in the company.
As part of the reorganization, the group appointed Gianfranco D’Attis as the CEO of the flagship brand, Prada. This new position reflects a shift from its previous oversight by Patrizio Bertelli and Miuccia Prada. Benedetta Petruzzo has been leading the young Miu Miu line since 2020.
Despite the challenges posed by the pandemic, Prada Group’s sales in 2021 witnessed a significant 41% increase at constant exchange rates compared to 2020. It also saw an 8% increase compared to the pre-pandemic year of 2019, amounting to €3.366 billion. Additionally, the company is considering a listing on the Milan stock exchange, as it is currently listed on the Hong Kong stock exchange.
During this year’s men’s fashion show in Milan, Prada observed the return of Chinese buyers, who were absent in previous years due to pandemic-related restrictions. This favorable development indicates a positive outlook for the brand’s global expansion.
Overall, Prada’s “soft transition” in leadership reflects a strategic move towards the future. With the appointment of Andrea Guerra as managing director and plans for Lorenzo Bertelli to eventually take over, the luxury brand is positioning itself for sustained success and growth in the ever-evolving fashion industry.
Useful links:
1. Official Prada Website
2. Luxottica Official Website
