Prada has outlined its succession plan: Lorenzo Bertelli will be the new leader of the family empire

The Prada family has outlined a succession plan for its $19 billion empire, with Lorenzo Bertelli set to lead the brand into the future.

The Prada family has outlined a succession plan for its $19 billion empire, a key step for Italian family businesses. Miuccia Prada, 76, and her husband Patrizio Bertelli, 78, have decided to prepare their son Lorenzo Bertelli to take the helm of the brand. With a renewed focus on sustainability and marketing, Lorenzo has held key positions within the company, aiming to strengthen Prada’s independence in a competitive global market dominated by giants like LVMH.

This succession plan is an exception in the corporate world, as Italian family businesses are often reluctant to relinquish control while the founders are still involved in management. However, with a clear future for the brand, the transfer of power not only ensures the continuity of Prada’s luxury legacy but also its relevance and ability to adapt to current market trends. The transition is designed to preserve the brand’s tradition while moving forward under the leadership of a new generation.

Through this strategic decision, the Prada family ensures the stability of its empire, with Miuccia and Patrizio relinquishing majority control to their son Lorenzo, who has been prepared to lead the conglomerate. While the parents remain involved in management, Lorenzo is in charge of crucial areas such as marketing and sustainability, marking a generational shift essential for the brand’s future. This transition aims to maintain family control in the face of global competitors, who threaten to push Italian luxury companies aside.