Prada not looking at M&A, sees 'positive surprise' from US, CEO says

Prada SpA

20/05/2024 09:49

VENICE, May 20 (Reuters) - Italian luxury group Prada
 1913.HK  is not looking at big acquisitions as it is focused on
the brands it already owns, its  Chief Executive Andrea Guerra
said on Monday. 
    Speaking at the FT Luxury Summit in Venice, Guerra added
that he expected a positive surprise this year from the U.S.
market for the luxury sector. 
    "I'm cautiously positive about the US. I think that Prada
has a relationship with the American consumer, but maybe we have
been a little bit under represented as a business there. So
we've got homework to do," he added.
    The CEO - appointed in January 2023 to lead the company as
the next generation of its founding family gets ready to pick up
the reins - said he did not know when the change at the helm
would take place.
    Lorenzo Bertelli, one of the two sons of Prada's founders
Miuccia Prada and Patrizio Bertelli, is expected to be appointed
CEO after Guerra. 
    In first quarter results published last month, Prada defied
a slowdown across the luxury sector, reporting booming demand
for its high fashion brand Miu Miu and continued growth in Asia.
 

 (Reporting by Elisa Anzolin
Editing by Giulia Segreti/Keith Weir)
 ((elisa.anzolin@thomsonreuters.com; 0039 0266129692;))