Prada charts line of enterprise succession, tapping new CEO

MILAN (AP) — The Prada style home started charting a line of succession on its enterprise aspect, asserting Tuesday that it’s tapping a former LVMH govt as its subsequent CEO and confirming that Miuccia Prada will proceed in her inventive roles.

Andrea Guerra is about to be confirmed by the board subsequent month as the brand new CEO, succeeding Patrizio Bertelli, who will keep on as chairman. The transfer is meant as a step towards finally handing the reins of Prada Group to Bertelli and Miuccia Prada’s son, Lorenzo Bertelli. The youthful Bertelli now oversees digital advertising and sustainability.

The assertion emphasised that Miuccia Prada will stay co-creative director of Prada with Raf Simons, inventive director of Miu Miu and a board member.

“This can be a elementary step we now have determined to undertake, whereas utterly engaged within the firm, to contribute extra to the evolution of the Prada Group, and to ease the succession of Lorenzo Bertelli, the long run chief of the group,” Patrizio Bertelli and Prada stated in a press release.

Guerra, 57, is one in every of Italy’s highest-profile executives, serving because the long-time CEO of Luxottica, the world’s largest eyewear firm, adopted by a stint on the Eataly world chain of eateries and market for Italian-produced specialties. Most lately, he was in govt positions on the French conglomerate LVMH.

Succession is a matter at Italy’s family-run firms, and never solely in style, and the transfer seems intend on sending a message to monetary markets {that a} plan is in place. Guerra has longtime expertise in a family-run firm, serving for a decade as CEO at Luxottica earlier than proprietor and founder, the late Leonardo del Vecchio, took again day-to-day operations following disagreements.

Prada denied that bringing on Raf Simons in 2020 was a transfer designed to arrange the inventive succession on the style home specializing in luxurious purses, footwear and understated attire. Nonetheless, hypothesis began anew after the Belgian designer introduced final month that he’s closing his eponymous style model after 27 years.

Moreover the Prada and Miu Miu style homes, the Prada Group additionally consists of the footwear firms Church’s and Automobile Shoe, in addition to the pastry store Marchese with 627 shops in 70 nations.

Prada trades in Hong Kong, the place shares closed down 2.33% simply earlier than the announcement was made.

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