Prada Ranks Business Succession Lines, Tapping New CEOs, Retail News, Retail ET

Prada ranks business succession, exploits new CEO

MILAN: The brand stuff The fashion house has begun charting the legacy of its business, announcing Tuesday that it is mining a LVMH operating as the next CEO and confirmed that Miuccia Prada will continue in her creative role.

Andrea Guerra will be confirmed by the board next month as the new CEO, succeeding Patrizio Bertelli, who will continue as chairman. The move is intended to be a step towards finally handing the reins of the Prada Group to Bertelli and Miuccia Prada’s son, Lorenzo Bertelli. The younger Bertelli now oversees digital marketing and sustainability.

The statement highlights that Miuccia Prada will remain Prada’s co-creative director alongside Raf Simons, Miu Miu’s creative director and board member.

“This is a fundamental step that we have decided to take, while fully participating in the company, to contribute more to the growth of the Prada Group and facilitate its succession. Lorenzo Bertelli, future leader of the group,” Patrizio Bertelli and Prada said in a statement.

Guerra, 57, is one of Italy’s most senior executives, having served as the longtime CEO of Luxottica, the world’s largest eyewear company, then a stint at the home chain. Eataly global restaurant and market for Italian-made specialties. Most recently, he took up an executive position at the French group LVMH.

Succession is an issue at family-run companies in Italy, not just in the fashion sector, and the move appears to be intended to send a message to the financial markets that a plan is in place. . Guerra has long experience in a family run company, having served for a decade as CEO at Luxottica before the owner and founder, the late Leonardo del Vecchio, took over. resume daily operations after disagreements.

Prada denies bringing in Raf Simons in 2020 is a move to establish a creative successor at the fashion house specializing in luxurious exquisite handbags, shoes and clothes. However, speculation started again after the Belgian designer announced last month that he would be shutting down his eponymous brand. fashion brands after 27 years.

In addition to the fashion houses Prada and Miu Miu, the Prada Group also includes footwear companies Church’s and Car Shoe, as well as the Marchese pastry shop with 627 stores in 70 countries.

Prada trades in Hong Kong, where shares closed down 2.33% shortly before the announcement was made.


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