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(WSJ) Prada SpA is tapping former LVMH Moët Hennessy Louis Vuitton SE government Andrea Guerra as its subsequent chief government, setting in movement a long-awaited succession that scales again the function of Miuccia Prada and her husband, Patrizio Bertelli, in working the Milan-based trend home.
Mr. Guerra’s nomination as chief government officer can be voted on on the subsequent board assembly on Jan. 26, the corporate mentioned. Ms. Prada and Mr. Bertelli mentioned Mr. Guerra is predicted to assist groom the couple’s son, Lorenzo Bertelli, to sooner or later take the reins of the model.
“This can be a basic step we have now determined to undertake, whereas fully engaged within the firm,” the couple mentioned.
Succession is a difficult step for trend homes which might be carefully linked to namesake designers. Many have ended up promoting their enterprise to massive luxurious conglomerates reminiscent of LVMH and Kering SA after struggling to develop a brand new technology of leaders and traders to helm their homes.
Mr. Guerra is predicted to run the corporate with Mr. Bertelli, 76, and Ms. Prada, 73, nonetheless deeply concerned. The corporate mentioned Mr. Bertelli is predicted to grow to be chairman of the board on the firm’s annual normal assembly in April. Ms. Prada, in the meantime, will proceed as inventive director of the Miu Miu model in addition to Prada, for whom she designs alongside Raf Simons. She additionally sits on Prada’s board.
Ms. Prada and Mr. Bertelli cited Mr. Guerra’s lengthy skilled expertise in addition to his “expertise in companies the place the founders are current and engaged, mixing their tradition and the wants of an organization constantly evolving and energetic on worldwide markets.”
Mr. Guerra, who began his profession in resort administration, was CEO of Luxottica, the eyewear big that merged with French rival Essilor, for a decade. He then served as senior strategic adviser to the Italian authorities earlier than being appointed government chairman of the Italian-marketplace chain Eataly in 2015.
In January 2020, Mr. Guerra was named CEO of a newly created LVMH Hospitality Excellence division, which encompasses Belmond and the Cheval Blanc resort. He stepped down from that function to grow to be a senior adviser on the luxurious behemoth earlier this 12 months.
“Andrea has vital expertise speaking to monetary markets and articulating very advanced companies effectively,” mentioned Bernstein analyst Luca Solca.
Based in Milan in 1913 by Ms. Prada’s grandfather and his brother, Prada has grown right into a enterprise with a market worth of $15 billion and greater than 13,000 staff on the finish of final 12 months. The group’s manufacturers additionally embody Church’s footwear.
Mr. Bertelli senior, a school dropout who received his begin promoting belts in his native Arezzo, owned a modest leather-goods enterprise within the mid-Nineteen Seventies, when he met designer Ms. Prada at a commerce honest. The 2 later married.
The combo of Ms. Prada’s cutting-edge aesthetic and Mr. Bertelli’s sharp industrial eye reworked an organization with €40 million, round $42 million, of gross sales in 1990 to 1 with €1.6 billion 10 years later. Mr. Bertelli’s knack for singling out profitable merchandise and devising progressive advertising helped translate his spouse’s designs into industrial successes.
At this time, the husband-and-wife duo personal virtually 80% of Prada, which has been listed in Hong Kong since 2011. Executives on the firm are exploring whether or not it’s potential to additionally listing the corporate in Milan.
A former rally driver, Lorenzo Bertelli is 34 years previous. He retired from race-car driving in 2017 to take over the group’s digital-communication technique. He joined Prada’s board final 12 months and at present serves as advertising director and head of company social duty.
Supply: Wall Avenue Journal by Nick Kostov Dec. 6, 2022 11:06 am ET
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