Prada CEO reveals that son Lorenzo Bertelli will succeed him

Patrizio Bertelli, CEO of Italian fashion house Prada, has confirmed his intention to retire and revealed that, in a few years' time, his son with wife Miuccia Prada, Lorenzo Bertelli, will succeed him at the head of the luxury group, a role for which he "has the right attitude," according to the executive. 

"We will take all the steps in the best way possible, so whether it's three or four years [...] he will decide," said Patrizio Bertelli during the group's strategic presentation in Milan. The company saw a boom in its sales in the last quarter of the year, with revenues rising 400% compared to the same period in 2019. 

In relation to his decision to retire, Bertelli said that, at the age of 75, it seemed like a normal choice. "I've enjoyed myself, done a lot of things," he added. 

His son, Lorenzo, who currently serves as director of marketing and head of corporate social responsibility (CSR) at the company, confirmed that it has still not been determined when he will take over from his father. "I don't know if it will be three, two or five years, but when you have a succession plan, you have to plan it well, otherwise it doesn't work," he said. 

The Prada CEO highlighted that the coronavirus pandemic has changed the luxury industry and that "Generations Y and Z, young people, will be more and more important."

"New factors for success are appearing," noted the executive in relation to competition in the sector. The group has therefore "changed its relationship with customers, bringing in sustainability and an awareness of social questions," he explained, going on to say that it will now be "fundamental to focus on local customers, without losing sight of tourism."