Miuccia Prada and Patrizio Bertelli are officially stepping down as co-CEO of the Prada Group, signaling succession plans for the Italian luxury fashion house. The pair will be passing the reins to former Luxottica chief, Andrea Guerra, in early 2023.
Being one of Italy's highest profile executives, Andrea Guerra has a long history and experience with the family-run business. He led Luxottica for a decade from 2004 to 2014 through a period of rapid expansion in which the brand saw sales doubling; it ultimately cemented its position in being a global powerhouse for the eyewear industry.
According to Business of Fashion, Prada seeks to appoint a new brand leader to maintain growth, hoping to reassure investors
Patrizio Bertelli will remain active as the chairman of the company while Mrs. Prada takes on the role of co-creative director of Prada alongside Raf Simons and creative director of Miu Miu. The group is reportedly planning on tapping Gianfranco d'Attis, the Americas CEO of LVMH's Christian Dior Couture division, as the new CEO for the flagship Prada Label, though the brand has yet to confirm this news.
The move comes as Mrs. Prada, aged 73, and Patrizio Bertelli, 76, intend to pass control to the family's younger generation. Their son, Lorenzo Bertelli, has taken on key roles managing the company's digital communications, marketing, and sustainability efforts since joining the group in late 2017. In November 2021, Patrizio Bertelli publicized the family's succession plan for Lorenzo to take control of the company in the near future.
“This is a fundamental step we have decided to undertake, while completely engaged in the company, to contribute more to the evolution of the Prada Group and to ease the succession of Lorenzo Bertelli, the future leader.” Prada and Bertelli shared in a joint statement.
Miu Miu was recently crowned Brand Of The Year for 2022 in Lyst's 'The Year in Fashion' report for its standout products like ballet flats and mini skirts that took the internet by storm. Digital searches for the label saw a 34% increase in 2022. Additionally, Prada's triangle-logo tank top was listed in the company's 'Hottest Items of 2022’ while the Prada Re-Edition 2000 was named Bag of The Year. As a result, it will be interesting to see how the Prada Group will maintain a distinctive brand image with new executive appointments.