Prada to name former Luxottica chief Andrea Guerra as new CEO (updated)

Prada SpA

06/12/2022 13:27

(Adds details on appointment)
       Dec 6 (Reuters) - 
    Italy's Prada  1913.F   1913.HK  said on Tuesday that it
would name former Luxottica chief Andrea Guerra as its new chief
executive officer.
    Guerra will be recommended as the new CEO at a board meeting
next month by controlling shareholder Prada Holding S.p.A., the
luxury company said in a statement,
    Reuters reported last week that the fashion group was set to
hire Guerra in a top management role to ease a transition at the
helm to the next generation of the founding family. 
        After overseeing a successful turnaround since 2017 to
reverse a slide in sales, Prada CEO Patrizio Bertelli, 76, said
a year ago he planned to hand over the reins of the group he
leads with wife Miuccia Prada Bianchi to their 34-year-old son
Lorenzo.
  
        "This is a fundamental step we have decided to
undertake, while completely engaged in the company, to
contribute more to the evolution of the Prada Group and to ease
the succession of Lorenzo Bertelli, the future leader of the
Group," they said. 
  
        Founded in Milan in 1913 by designer Miuccia Prada's
grandfather and his brother as a leather goods shop, Hong
Kong-listed Prada has grown into a group with 365 directly
operated shops as of end-2021 and yearly revenue of 3.7 billion
euros ($3.8 billion), with 40% coming from the Asia Pacific
region. 
  
 (Reporting by Harish Sridharan in Bengaluru; Editing by Anil
D'Silva)
 ((Harish.Sridharan@thomsonreuters.com; Twitter: https://twitter.com/damnit_saladin;))