Lorenzo Bertelli, the son of designer Miuccia Prada, said Wednesday that he will take over as executive chairman of Versace. This follows the takeover of the smaller Italian competitor by luxury goods group Prada Group.
Prada announced in April that it would acquire Versace from the US fashion group Capri Holdings. The purchase price amounts to 1.25 billion euros (1.4 billion US dollars).
Bertelli is currently Group Chief Marketing Officer (CMO) and Head of Corporate Social Responsibility at Prada. He confirmed his future role at Versace in an interview on a Bloomberg podcast. He called the Versace acquisition a “strategic choice.” The brand’s shine had faded somewhat in recent years.
“The brand is much bigger than its sales,” he said. “We like difficult missions. That’s why we’re trying to get the business back to the size the brand once was.”
In contrast to Versace, the Prada Group is in a very good financial position. This is primarily due to the strong sales of the younger Miu Miu line.
Miuccia Prada, the granddaughter of the company’s founder Mario, is co-creative director. Her husband Patrizio Bertelli serves as Chairman of the Board. (AFP)
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