Prada names former Luxottica chief Guerra as new CEO

Italian fashion group Prada has confirmed on Tuesday that it will name former Luxottica chief Andrea Guerra as its new chief executive to ease the transition to the next generation of the founding family.

At the annual shareholder meeting next spring, Patrizio Bertelli, 76, will be appointed chairman of the luxury company. He will replace Paolo Zannoni, who will be recommended for the role of executive deputy chairman of the group and chairman of its parent company Prada Holding.

The current co-CEO, Miuccia Prada, will remain Creative Director of the Miu Miu and Prada brands - the latter together with Belgian designer Raf Simons and a board member.

The fashion group, founded in Milan in 1913 as a leather goods store by Miuccia Prada's grandfather and his brother, was to hire Guerra in a top management role, according to a report last week.

After overseeing a successful turnaround since 2017 to reverse a slide in sales, Bertelli said a year ago he planned to hand over the reins of the group he leads with his wife Miuccia Prada to their 34-year-old son Lorenzo.

They said in Tuesday's statement that this is a fundamental step that we have decided to take, while fully engaged in the company, to contribute more to the evolution of the Prada GroupPrada Group and to ease the succession of Lorenzo Bertelli, the future leader of the group.

Guerra, 57, will be recommended as the new CEO at a board meeting that will be held on January 26 by Prada Holding, which owns 80 per cent of the Prada group.

He stepped down as head of the hotels division at luxury goods giant LVMH earlier this year.

From 2004 to 2014, Luxottica CEO oversaw doubling of sales at the spectacles manufacturer that has been producing eyeglasses under the Prada and Miu Miu brands since 2003.