Andrea Guerra Kicks Off New Prada Group Phase
The Prada Group has a new chief executive officer.
After a shareholders meeting held on Thursday, Andrea Guerra was named CEO of the Italian luxury group, according to market sources in Milan. On Friday, an official confirmation will be communicated to the Hong Kong Stock Exchange, where Prada is publicly listed.
At that meeting, Patrizio Bertelli, who shares the CEO role with his wife Miuccia Prada, was recommended as chairman of the group. As reported, he is expected to be confirmed in this role at the group’s general assembly this spring.
The changes are part of a newly revised organization and a future management handover at the Italian luxury company. Bertelli and Prada’s son Lorenzo Bertelli is expected to lead the group in a few years time.
Lorenzo Bertelli has increased his responsibilities and been a driver of change since joining the company in 2017. He was named group marketing director in 2019 and, additionally, head of corporate social responsibility in 2020. In May 2021, he joined as a director of the board.
Guerra will likely be in charge of a potential second listing in Milan for the group, whose shares have been trading in Hong Kong since 2011.
In November 2021, during the group’s Capital Markets Day, Patrizio Bertelli admitted: “We could explore a listing in Europe. That said, we don’t feel the need to now; we are OK this way.”
A dual listing can help diversify the risks for investors in the wake of the Russian invasion of Ukraine, which has increased the volatility of global stock markets.
As part of the succession plan, Miuccia Prada in December was confirmed as creative director of Miu Miu and Prada, the latter together with Belgian designer Raf Simons, and a board member. She is relinquishing her role as co-CEO.
In November, Simons shuttered his own namesake line after 27 years leading to speculation about a possible increased role at the Prada brand in the future.
Guerra was named CEO in early 2020 of the newly created LVMH Hospitality Excellence division, but in May he became a strategic and development senior adviser to the French group.
He left eyewear group Luxottica, where he’d become instrumental to the growth of the company, in September 2014 after 10 years working with founder Leonardo Del Vecchio.
After Luxottica, Guerra became a strategic adviser to former Italian Prime Minister Matteo Renzi and then joined Italian high-end food emporium Eataly as executive chairman in 2015.
The relationship between Patrizio Bertelli and Guerra is a long-standing one, as Luxottica started producing the Prada and Miu Miu eyewear collections in 2003.
In another development for the business, earlier this month Gianfranco D’Attis took on the role of CEO of the Prada brand, reporting to the group. Benedetta Petruzzo has been helming the Miu Miu brand as CEO.
D’Attis was previously president of Christian Dior Couture Americas. Earlier, he was international managing director of Jaeger-LeCoultre.
In the first six months of 2022, retail sales, which account for 90 percent of group revenue, rose 26 percent to 1.7 billion euros. Overall revenue for the period was up 22 percent to 1.9 billion euros.
生词记录
kick off 开球，开始
assembly 聚集在一起的人，与会者，聚集，集合
handover 移交
dual 二元的，双重的
diversify 多元化经营，从事多种经营
in the wake of sth 作为···的后果，随···之后而来
invasion 入侵，侵略
volatility 挥发性，易变
succession 继任，接任
Belgian 比利时的
relinquish 放弃，拒绝
shutter 百叶窗，彻底关闭
namesake 同名的人，同名物
hospitality 好客，款待
division 部门，级
instrumental 起作用的，有帮助的
emporium 专卖店，大百货商场
long-standing 长期存在的
collection 作品集；收藏品，一系列新装作品
helm 经营，管理，指导，掌管
couture 高级时装
