MILAN (AP) — Prada successor Lorenzo Bertelli He will take on a key strategic role as executive chairman of Versace after the Prada Group closes a €1.25 billion ($1.4 billion) financing. transaction Prada Group confirmed on Thursday that it plans to acquire a rival company in the coming weeks.
Bertelli, 37, was previously announced as the future leader of the Prada Group, where he has been marketing director since 2019 and head of corporate responsibility since 2020. Patrizio Bertelli, eldest son of acclaimed designer Miuccia Prada and chairman of the Prada Group, joined the group in 2017 as head of digital communications.
Bertelli announced his upcoming role on the Italian-language Bloomberg Podcast on Wednesday.
He said that, knowing Versace and its management team, he does not expect any major changes at Versace for at least the first year after the deal closes. But he stressed that the 47-year-old fashion house, founded by the late Gianni Versace, was not living up to its potential.
“This brand is much bigger than the revenue it generates,” Bertelli said, noting that Versace remains one of the world’s top fashion brands.
In April, Prada Group announced a deal to buy crosstown fashion rival Versace from U.S. luxury goods group Capri Holdings, bringing Versace’s sexy silhouettes under the same roof as Prada’s “ugly chic” aesthetic and Miu Miu’s youth-driven market.
Versace accounted for 20% of the current owner’s 2024 sales of 5.2 billion euros.
In a presentation on the partnership last spring, Prada estimated that Versace would account for 13% of the Prada Group’s estimated revenue, Miu Miu 22% and Prada 64%. The Prada Group, which also includes the Church and Carshoe brands, reported a 17% increase in sales last year to 5.4 billion euros.
