Miuccia Prada Is Preparing To Pass The Reins, Stepping Down As Ceo Of The Prada Group

Miuccia Prada Is Preparing To Pass The Reins, Stepping Down As Ceo Of The Prada Group

Miuccia Prada Is Preparing To Pass The Reins, Stepping Down As Ceo Of The Prada Group

It's time for a change

It's time for a change

Text: Maddie Street

Here we have yet another unprecedented headline concerning the fashion industry. In tandem with the shuttering of the namesake, Raf Simons label and Alessandro Michele's resignation from the historic house of Gucci, the CEO of the Prada group Mrs. Miuccia Prada has chosen to take the back seat as the house's co-CEO. However, fortunately, Miuccia will maintain her role as co-creative director of the house alongside Raf Simons and as acting creative director of Miu Miu.

CANNES, FRANCE - MAY 22: Miuccia Prada attends the "Carne Y Arena" photocall during the 70th annual Cannes Film Festival at Palais des Festivals on May 22, 2017 in Cannes, France. (Photo by Stephane Cardinale - Corbis/Corbis via Getty Images)

What sparked this transition?

This is what we know. This past Tuesday, December 6th, Miuccia Prada and Italian businessman Patrizio Bertelli - also a Prada co-CEO - are vouching for former CEO of Luxottica Andrea Guerra to become Prada's new CEO. In the spirit of aiding in Prada's overall succession, appointing Guerra would likely promote financial growth and lead to overall house expansion.

After joining Luxottica in 2004 as CEO - substituting Roberto Chemello, who had held that position since 1985 - Guerra tripled the company's sales. Under his stewardship, the value of Luxottica's share price rose from €14 in 2003 to €40 in 2014 and from €2.8 billion in 2003 to over €7 billion in 2013. Andrea Guerra maintained his position until 1 September 2014, when Leonardo del Vecchio, the founder, and chairman of Luxottica, announced his departure at the end of the board of directors' term.

Don't worry; they won't be gone forever. Still, the chairmen of the board, Miuccia and Bertelli, are taking the first step in a long list of changes for the Prada Group. In fact, their son, Lorenzo Bertelli - who presently handles the group's marketing, communications, and sustainability clauses - is expected to acquire Prada completely within the next few years. Though before passing the reins completely, the two successors are taking baby steps to maximize Prada's success and maintain its historic appeal.

Credits: Thumbnail of Miuccia Prada Photographed by Stephane Cardinale - Corbis/Corbis via Getty Images

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