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Patrizio Bertelli, CEO and owner, Prada, said his son would take over the leadership of the Italian luxury label and that an acquisition by a third party is not an option.
80% family-owned Prada is run by Patrizio Bertelli and his wife, designer Miuccia Prada, whose grandfather founded the label in 1913. Their eldest son, 30-year-old Lorenzo, who joined the Company to run its digital communication department in 2017, is being prepared to take over the role of Chief Executive sometime in the future.
Despite an improved second half results in 2017, the luxury label’s declining sales, have led to speculation of a possible acquisition. “We’re not selling, we’ll never sell,” Prada’s Bertelli told the press during the inauguration of its new production site in Italy on June 8.
If Chinese consumer demand has been a driver behind the sales of rival brands such as Gucci or Louis Vuitton in the past 18 months, Prada is said to have been too slow to adapt to the rise in streetwear trends, such as luxury sneakers.