© Reuters. FILE PHOTO: The company’s logo is seen at a Prada store in Zurich, Switzerland January 25, 2021. REUTERS/Arnd Wiegmann
(Reuters) -Italy’s Prada (OTC:) 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.