MILAN: Italian fashion group brand stuff is set to hire former Luxottica CEO Andrea Guerra in a senior management role to facilitate the founding family’s transition of leadership to the next generation, a source familiar with the matter said. on this matter said.
Founded in Milan in 1913 by designer Miuccia Prada’s grandfather and his brother as a leather goods store, Hong Kong-listed Prada has grown into a conglomerate with 365 stores. is directly operated by the end of 2021 and has an annual turnover of 3.7 billion euros, of which some 40% comes from the Asia Pacific region.
A year ago, current Prada CEO Patrizio Bertelli, 76, said he planned to transfer control of the group he and his wife Miuccia lead to their son Lorenzo, 34.
Lorenzo, Prada’s chief marketing officer, joined the company’s board in May 2021 before his father told investors in November that he could take the CEO position in the future. “three to four years” cycle.
Facing a family heirlike many other Italian business dynasties, Prada planned ahead and was looking for a senior figure to work with Lorenzo while he accumulated experience in the field, another close to the matter. subject said.
Widely recognized as a quick learner, Lorenzo joined the family business in 2017 as head of digital communications.
Prada is finalizing a deal with Guerra to hire the 57-year-old manager, who earlier this year stepped down as head of the hotel department at luxurious LVMH, the first source said.
Both Prada and Guerra declined to comment for this information.
“We believe Guerra will add invaluable experience and significant traction to Prada’s senior management team, adding that the market will welcome this news as it gathers,” said brokerage Jefferies. The team is starting the succession phase.
As CEO of Luxottica from 2004 to 2014, Guerra oversaw sales at the eyewear manufacturer, which since 2003 has manufactured and distributed eyewear under the brand names. Prada and Miu Miu brands of Prada Group.
Massimo Vian, a veteran executive of Luxottica, hired by Guerra in 2005 and then chief executive of the eyewear group, joined Prada in May 2020 as chief executive officer.
The Italian daily la Repubblica first reported that Prada could announce Guerra’s arrival as early as January.