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The Prada group wants to keep its independence and retain decision-making roles for members of the Bertelli family.
At Prada, Lorenzo Bertelli, the eldest son and heir-designate of the brand’s CEO Patrizio Bertelli, has promised to preserve the independence of the controlled luxury fashion group when he takes over as CEO in a few years. The 33-year-old former rally driver, marketing director and CSR manager joined the company in 2017. He has been instrumental in ramping up the group’s digital transition, aiming to account for 15 percent of retail sales in the medium term, up from just 2 percent before the pandemic.
At an investor presentation last week, his father officially anointed him as his successor, saying he could hand over the reins in three to four years. Earlier this year, Patrizio Bertelli described Lorenzo as a “key element in the group’s turnaround“.
The group’s turnaround strategy, which has involved moving Prada upmarket by eliminating markdowns and reducing wholesale distribution, has paid off. But Lorenzo Bertelli confirms that, like his father, the group is not for sale. However, the possibility of acquiring other brands in the future is not excluded.
The succession plan remains the clearest sign to date of the family’s intention to remain in charge. Prada has no intention of tying itself to one of the world’s luxury conglomerates, Patrizio Bertelli said in an interview, and the company is not seeking financial investors. The family-owned Prada Holding company owns about 80 percent of Prada so far.
Read also > PRADA JOINS DISCUSSIONS BETWEEN RICHEMONT AND FARFETCH TO LAUNCH AN E-COMMERCE PLATFORM
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The Prada group wants to keep its independence and retain decision-making roles for members of the Bertelli family.
At Prada, Lorenzo Bertelli, the eldest son and heir-designate of the brand’s CEO Patrizio Bertelli, has promised to preserve the independence of the controlled luxury fashion group when he takes over as CEO in a few years. The 33-year-old former rally driver, marketing director and CSR manager joined the company in 2017. He has been instrumental in ramping up the group’s digital transition, aiming to account for 15 percent of retail sales in the medium term, up from just 2 percent before the pandemic.
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The Prada group wants to keep its independence and retain decision-making roles for members of the Bertelli family.
At Prada, Lorenzo Bertelli, the eldest son and heir-designate of the brand’s CEO Patrizio Bertelli, has promised to preserve the independence of the controlled luxury fashion group when he takes over as CEO in a few years. The 33-year-old former rally driver, marketing director and CSR manager joined the company in 2017. He has been instrumental in ramping up the group’s digital transition, aiming to account for 15 percent of retail sales in the medium term, up from just 2 percent before the pandemic.
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