Prada to call former Luxottica chief Andrea Guerra as new CEO By Reuters

© Reuters. FILE PHOTO: The corporate’s brand is seen at a Prada retailer in Zurich, Switzerland January 25, 2021. REUTERS/Arnd Wiegmann

(Reuters) -Italy’s Prada (OTC:) stated on Tuesday that it will title former Luxottica chief Andrea Guerra as its new chief govt officer.

Guerra will probably be advisable as the brand new CEO at a board assembly subsequent month by controlling shareholder Prada Holding S.p.A., the luxurious firm stated in an announcement,

Reuters reported final week that the style group was set to rent Guerra in a prime administration function to ease a transition on the helm to the following era of the founding household.

After overseeing a profitable turnaround since 2017 to reverse a slide in gross sales, Prada CEO Patrizio Bertelli, 76, stated a yr in the past he deliberate at hand over the reins of the group he leads with spouse Miuccia Prada Bianchi to their 34-year-old son Lorenzo.

“It is a basic step we have now determined to undertake, whereas utterly engaged within the firm, to contribute extra to the evolution of the Prada Group and to ease the succession of Lorenzo Bertelli, the long run chief of the Group,” they stated.

Based in Milan in 1913 by designer Miuccia Prada’s grandfather and his brother as a leather-based items store, Hong Kong-listed Prada has grown into a gaggle with 365 immediately operated outlets as of end-2021 and yearly income of three.7 billion euros ($3.8 billion), with 40% coming from the Asia Pacific area.

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