Patrizio Bertelli, Prada’s Chief Executive, noted on Friday that his family would not be selling their 80 percent stake in Italy’s biggest luxury goods group and also noted that his eldest son Lorenzo, may one day head the company.
Currently, the label is run by Patrizio Bertelli and his wife and designer Miuccia Prada, whose grandfather founded the label in 1913.
Last year, Lorenzo, who is now 30, joined Prada to run its digital communications. And following a Bloomberg report, Bertelli says that his son was being prepared to take over.
Although Bertelli, who is 72, says it’s “too early to retire”, he says “Lorenzo is getting ready to become one day — if he wants to — the head of Prada.”
The new leadership possibility comes as Prada looks to cement early signs of a turnaround as the last several year’s sales continued to decline.
This could be due to the fact that Prada failed to meet consumer demand, which called for high-end streetwear like sneakers.
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It was Gucci, Balenciaga and Louis Vuitton who experienced rapid growth in the last 18 months alone as they catered specifically to Chinese consumer demand.
With that, Prada had to play major catch up when it came to online sales as well as trying to strengthen their digital presence by creating partnerships with influential fashion bloggers, especially in China.
As a result, the second half of 2017 showed an increase in sales.
And on that note: “We’re not selling, we’ll never sell.” – Patrizio Bertelli